What expenses can you claim when you’re self-employed?
When you’re your own boss, it can be tricky to know what to claim back on your tax. While HMRC’s rules state you can claim an expense that’s solely and exclusively for your business, there are still items that can be confusing.
Does that new iPad count as a business expense? How about lunch? Can you incur expenses working from home? And what if you need a new outfit for a business meeting?
Our friends at Easy Accountancy (external link), part of the SJD Group, have put together the following infographic that provides a handy guide to what expenses you typically can and not claim, whether you’re running your own business, a sole trader or a freelancer.
For more information visit www.hiscox.co.uk/SJD.
At Hiscox, we want to help your small business thrive. Our blog has many articles you may find relevant and useful as your business grows. But these articles aren’t professional advice. So, to find out more on a subject we cover here, please seek professional assistance.