Legit expenses to reduce tax bill

Pkman

In 2022/23, I was able to purchase an item over and over again from supermarket and sold for profit on eBay.

I have a full time job, and have signed up for self assessment, I believe I have to settle my tax bill by end of Jan 2024.

I am trying to do my book and see how much tax I owe.

What are the expenses I am allow to claim?

I know the basic, such as stationary, postage fees, eBay fee.

Pkman

I have been reading gov for advice. I am not sure if this apply to me.

Am I self employed even I have a full time paid job?????

https://www.gov.uk/expenses-if-youre-self-employed

Spoonie_Turtle

Pkman said:

I have been reading gov for advice. I am not sure if this apply to me.

Am I self employed even I have a full time paid job?????

https://www.gov.uk/expenses-if-youre-self-employed

Yes, you can be employed and self-employed at the same time.

You can make use of the £1,000 trading allowance if it's likely to be similar to or more than your expenses. https://www.litrg.org.uk/tax-guides/self-employment/what-trading-allowance

That site has info about expenses https://www.litrg.org.uk/tax-guides/self-employment/what-business-expenses-are-allowable