Bookkeeping and expenses to claim against tax
Expenses against tax:
Here is a brief list of expenses to claim as a deduction against tax. You can reclaim any applicable VAT if you are VAT registered. If we are preparing your final accounts and tax computations we will give additional tax planning advice.
Use of Home as Office
Heat Light Power Water
Repairs and Renewals
Wages (including wife/partner)
National Insurance on employees
Tools at commencement and special additions
Laundry and Cleaning
Hire of Equipment
Motor Running Expenses
Repairs and Maintenance:
- less Private Use
Parking Fees and driving tolls Delivery and Collection
Advertising and Sales Materials
Postage and Stationery
Telephone - mobile less private use
Telephone - home less private use
Training and recruiting
Claim: Cost of goods sold
Expenses directly related to sales
Include in taxable income Coronavirus Job Retention Scheme HMRC JRS GRANT.
BUT NOT: Self Employed Income Support Scheme Grant Hmrc Seiss Grant.
This needs to be added To form SA103 Self employed in box 27.1 Self Employed Income Support Scheme grant.
If your costs are less than £1,000; claim Entrepreneurs Allowance of £1,000 and then do not claim any other costs.
Bad Debts - Specific
Credit Card Fees
Profit/loss on Sale of Assets
Hire Purchase Interest