Day 28: Self-Employed? Your Must-Know Tax Deductions

With the tax deadline approaching, understanding allowable expenses is crucial for self-employed individuals. Proper expense claims can significantly reduce your tax liability while keeping you compliant with HMRC regulations.

Key deductible expenses include:

• Office costs and supplies
• Travel expenses
• Professional memberships
• Insurance premiums
• Marketing and advertising
• Training courses relevant to your business

Recent HMRC guidelines have clarified rules around home office deductions and vehicle expenses. Understanding these updates can lead to substantial tax savings. Remember, expenses must be "wholly and exclusively" for business purposes.

Common mistakes include overlooking minor expenses that add up over the year and mixing personal and business costs. Maintain detailed records and consider using accounting software to track expenses effectively.

Need clarity on what you can claim? Our team specializes in maximizing legitimate deductions while ensuring full compliance.