Claiming for Business Expenses on your Self Assessment

When you submit your Self-Assessment, you can enter your business expenses to offset your income but they must relate to the allowable expenses set out by HMRC.

Allowable Business Expenses

• office costs – for example stationery or phone bills
• travel costs – for example fuel, parking, train or bus fares
• clothing expenses – for example uniforms
• staff costs – for example salaries or subcontractor costs
• things you buy to sell on – for example stock or raw materials
• financial costs – for example insurance or bank charges
• costs of your business premises – for example heating, lighting, business rates
• advertising or marketing – for example website costs
• training courses related to your business – for example refresher courses
• interest and charges up to £500 – for example interest on bank overdrafts

For the latest information on allowable expenses, please visit HMRC’s website by clicking here.

Our book keeping services will monitor and reconcile your transactions in order to correctly and accurately account for this. By capturing this data, we can turn these into reports for you to see your business in a different way and to operate more efficiently.

Record Keeping

You must keep proper records and invoices for 6 years following the year end they were incurred in for HMRC purposes – our cloud storage is perfect for holding these records securely.