As a sole trader, claiming all your allowable expenses is crucial for reducing your tax bill. Here's a comprehensive guide to what you can and can't claim.
Home office costs: If you work from home, you can claim a proportion of your household bills including heating, electricity, broadband, and council tax.
Travel and vehicle expenses: Business mileage can be claimed at 45p per mile for the first 10,000 miles and 25p thereafter.
Equipment and supplies: Computers, phones, printers, stationery, and other business equipment are all claimable.
Professional costs: Accountancy fees, professional memberships, trade publications, training courses, and software subscriptions related to your business are all allowable expenses.