If you are self-employed, working as a sole trader or partnership, you are able to offset your work-related expenses against your profits when you complete your tax return. Our series of helpful information guides will help you navigate some of the more complex HMRC regulations surrounding Self Assessment for the self-employed.
If you are self employed as a sole trader or in a partnership, you are able to include all of your business and work-related expenses in your tax return to offset against your earnings – however, those expenses must be solely incurred in the pursuit of your business. Unfortunately you cannot claim for expenses which have a personal element.
In order to satisfy HMRC requirements, it is vital that you keep full and accurate business records and this means keeping any and all information that HMRC may require to support any expenses you are claiming in your self-employment tax return. But don’t worry if your record-keeping has been a little slapdash up to now, our friendly team can often help you recover some of your missing documentation so give us a call and see how we can help.
The team at DSR Tax Refunds have a vast range of expertise in allowable expenses so give us a call on 0330 122 9972 and let us see if we can help you make sense of your taxes for self-employment.
Our online calculator will be able to give you an idea of how much you might be able to claim as a tax refund with DSR Tax Refunds. It only takes a moment or two and gives you an immediate estimate.
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