What does claiming expenses mean in a self-employed business?
Running a business almost always involves costs which relate to the work that you do. The good news is that as a sole trader or small business, you can claim back most of your expenses and reduce your tax bill.
Business costs that you can claim for are known as allowable expenses. Most business expenses are allowable, so you offset them against your business profits which, in turn, reduces your tax bill. Our video guide explains which allowable business expenses you can claim, how to claim them, and what this means for your tax return.
Including business expenses on your tax return
Make the most of your tax deductible expenses and include them on your tax return to help lower your tax bill. Our downloadable guide covers what allowable expenses you can claim for, or watch our video above!