Tax returns for self-employed – allowable expenses in the UK

If you are self-employed you are probably wondering what expenses you can deduct from your tax bill and which ones do you have to pay taxes on. Our team at Lomi legal can help you figure out your expenses and your taxes.

Doing taxes can be a burden and a very daunting task for many that is why it is best to find the help of a professional. Our team of tax accountants and bookkeepers are more than happy to help you out and do the paper work and the filling for you – thus easing your stress and freeing up your time for more important things.

What are some top tips for self-employed individuals when it comes to tax accounting?

There are a number of tax tips for individuals that are self-employed to reduce your tax bill:

• use professional tax accountant services
• allowable expenses
• pay towards a pension
• donate to a charity
• consider incorporating your business

What are some allowable expenses if you are self-employed?

There are a number of allowable expenses that you can write off when you are self-employed including the following:

Key receipts and invoices for the all office expenses such as stationery, printing costs, postage and even phone bills. You should also keep receipts of all travel costs – fuel, parking, trains, buses, etc. They are also considered an allowable expense. Another thing is if your company requires work uniforms, this is also considered by UK law an allowable expense. Some other things that are considered allowable expenses are marketing for your company, training courses and even the cost of the business premise so things like heating, lighting etc. As a business owner you should keep all these receipts and expenses to give to our tax accountants during tax season.

Where can I get advice on tax returns if I am self-employed?

Our tax accountants provide services for clients from areas such as London, Brighton, Bournemouth, Crawley, Worthing, Eastbourne, Hastings, Tunbridge Wells, Horsham, Winchester, Bexhill, Aldershot, Littlehampton, Chichester , East Grinstead, Reigate, Redhill, Lewes, Leatherhead along with the rest of the UK.