by stillnessroad | Aug 5, 2018 | Self employed, Tax
If you’re self-employed and you travel on business, it’s useful to know which expenses are tax deductible. If you get it wrong, you could pay too much tax, or maybe find yourself in trouble with HMRC for paying too little tax. Above all you need to...
by stillnessroad | Mar 5, 2018 | Self employed
For the self-employed accommodation costs can be tax deductible where they are incurred wholly and exclusively for the purposes of the trade or profession. Ordinary living costs are not tax deductible. In practice, HMRC tend to allow the costs of overnight...
by stillnessroad | Feb 27, 2018 | Self employed
The tax year runs from 6 April to 5 April. The self-employed or partners choose their own accounting period for tax, just as companies do. The period taxed will be the accounting period ending in the tax year for which the return is being prepared. This is fairly...
by stillnessroad | Feb 22, 2018 | Self employed
A self-employed person who works from home can generally claim more tax-deductible expenses than an employee or director. A self-employed worker can claim the following for use of home: All the costs incurred for exclusively for business purposes A proportion of all...
by stillnessroad | Jan 22, 2018 | Directors, Self employed
Contractors usually either operate through their own limited company, or through an umbrella company. An umbrella company is a standard UK limited company, operated by a third-party supplier, which contracts with employment agencies or clients on behalf of...
by stillnessroad | Jan 21, 2018 | Self employed
The broad rule is that expenses are allowable if they are ‘wholly and exclusively’ incurred for the purpose of the trade or profession. Often expenses don’t seem to meet this rule but are still allowed. This is because the legislation also says that when an expense is...
