Self Employed-Can I claim these expenses

Contact Us

Self Employed-Can I claim these expenses

If you’re self employed, your business will have various running costs.You can deduct allowable business expenses to work out taxable profit.There is a long list of business expenses that you can claim.We will discuss in subsequent blog posts.But right now we are highlighting few expenses that you are not allowed to claim as business expenses.
You can’t claim following expenses:
Entertaining clients, suppliers & customersEvent hospitalityPayment to political partiesGym Membership feesDonations to Charity-but you may be able to claim for sponsorship paymentsLegal costs of buying property & machinery-you can claim these as Capital allowancesFines for breaking the lawDebts not included in TurnoverDebts related to disposal of fixed assetsBed debts not properly calculated or based on estimatesDepreciation of equipmentDomestic help carers or nanniesTravel between home & workParking fines & over speeding penaltyNon business driving or travel costs
The above list is for your reference.If you have any question or query, you can contact your accountant or contact us at Info@pyramidpointlimited.co.uk

Share this post?

Rubina

Leave a Reply

Your email address will not be published. Required fields are marked *