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Running a small business can be rewarding but managing expenses effectively is critical for maintaining financial health and correct tax liabilities. As a sole trader or partner in a business partnership, understanding what counts as an allowable expense can make a significant difference when filing your Self-Assessment tax return.
Here is a small guide to help you navigate allowable expenses, ensuring you only claim what you’re entitled to while staying compliant with HMRC regulations.
Allowable expenses are business costs that you can deduct from your income before calculating your taxable profit. To qualify, these expenses must be wholly and exclusively for business purposes. If an expense is partly for personal use, you can only claim the business portion.
£26 per month (101+ hours per month).
Office supplies: Items like stationery, printing costs, and business software are fully deductible.
Certain expenses are specifically disallowed, such as:
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