Reasonable expenses for my business (self employed)

code-a-holic

Hi,

I am employed full time aswell as doing a some freelance self employed stuff on the side. I would like to know what sort of expenses I can pass through the business to save paying too much tax on profits.

I was thinking it was feasible to pay my broadband / telephone line rental / office supplies etc. (I am a IT Consultant / Web developer).

Also would I be able to claim any fuel costs?

Thanks in advance

Damon

mrkbrrws

They are all potentially allowable as long as they are incurred for the business with any non-business use being disallowed for tax purposes.

i.e. you don't get a deduction from taxable profits for private expenses.

If you use your car for the business, either take a proportion of the actual costs and capital allowances on the car; or 40p per business mile (25p after 10,000 miles).

Bean_Counter

code-a-holic wrote: »

I would like to know what sort of expenses I can pass through the business to save paying too much tax on profits.

The main question you need to ask yourself is the expenditure "wholly & exclusively" for the business? If the answer is yes, then the expenditure will (with a few exceptions) be allowable as a tax deduction.