Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

The expenses you can claim for when you are self employed vary depending on the nature of your business. Generally speaking however, tax deductible expenses are any costs you have incurred that are necessary for the running and maintaining of the business.

Examples of expenses you can offset against your income tax include, costs incurred from the running of an office such as electricity bills or rent, or money used on fuel bought for the purpose of travel required for work.records

Although this may seem relatively straightforward, changes in the budget and tax laws relating to specific businesses, as well as percentage allowances can make calculating your expenditure costs quite tricky. It is recommended that you hire an accountant in order to avoid paying too much tax due to a miscalculation.

At The Accountancy Partnership, we are always on hand to advise our clients on what expenses they can claim for and will always strive to ensure they do not pay a penny more than necessary in tax. If you would like further information about how we can help your business or would like to receive a quotation, please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.