What business expenses can you actually claim?
When you’re self employed you can off-set your business expenses against your profits to reduce your tax bill. So what exactly can you claim for and is the government going to give you free money? Today we’ll discuss the whole process from the perspective of a self employed sole trader in the UK. To keep things simple I’m assuming you’re using the Cash Basis for accounting and that your turnover is under £85,000 per year.
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Business expenses chapters:
00:00 - Introduction
01:30 - General business expenses
08:30 - Wholly and exclusively rule
09:44 - Vehicle expenses
12:24 - Using your home as an office
15:33 - Reporting and record keeping
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