The UK Self Employed Tax Return Filing Deadline is coming up on January 31st, so with many people rushing to finish their self-assessed tax returns and avoid fines, we’re here to let you know about some of the most common tax deductions you might be eligible for.
If your computer is used solely by your business, you can claim back the cost of it on your tax return. If you use your computer for both personal and work related activities, you can claim back around half the cost.
If you work from a business premises, you can claim back the cost of your rent, heat,, rates, light, insurance and repairs. If you work from home you can claim back the ‘business part’ of these expenses.
If you use your vehicle to travel for business, you can claim back the expenses you incur by using it. There are two ways to calculate the expense:
By working out the actual expenses by keeping detailed records of the mileage accumulated through business and personal travel.
By using a fixed rate for each mile travelled for work purposes
If you require specialist items of clothing, such as steel toe boots or protective outerwear for your job, you can reclaim these costs on your tax return. Clothing such as suits for business people do not qualify for this deduction.
Broadband / phone expenses
You can claim back the cost of all business related costs as well as some of the cost of line rental and broadband connection on your tax return.
If you need help filing your UK self assessed tax return, or want to find out what other deductions you could be eligible for, contact us today.