What are Self-employed Business Expenses?

What are Self-Employed Business Expenses?

Cressida Johns Business Advice

Full article with thanks to: quickbooks.intuit.com/uk/blog/self-employed-business-expenses Have you ever wondered what exactly are self-employed business expenses? Get on top of your expenses with these top tips for small business owners, covering the basics, plus what you can and can’t claim. Expenses sound simple: just record what you earn and what you spend, right? Somehow, once you’ve entered the world of self-employment, it’s never that easy. Is this £8 lunch a personal or business expense? What can you claim when you’re working from home? And just what is an allowable expense? If you’re self-employed, your business will have various running costs. You can offset some of what you’ve spent against the tax you owe – that is if they’re allowable expenses and for the business only. It’s important to get this right. What is a business expense? Any money used by or in support of your business is a self-employed business expense. These …