Help with your tax return

Sole traders – do you need help with your self employed tax return ?

As a sole trader, legally you and your business are one and the same. Acting as the exclusive owner of the business, you’re entitled to keep all profits after tax has been paid. The downside is this means that you’re also liable for any losses and failure to comply with UK tax regulations.  However much tax you pay, for your self employed tax return you want to take advantage of any tax deductions you can claim. But at the same time, you don’t want to run the risk of any errors on your self-assessment and including something you shouldn’t. Navigating tax regulations can be a nightmare, so we’ve compiled a simple list of expenses that you can claim tax relief on. With self-assessment returns due shortly we asked our friends at CountingUp for some advice on the expenses that are tax deductible.

Top 10 deductible business expenses

The expenses that you can claim tax relief on fall under three main categories:

Working from home



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Business help for sole traders

Smaller businesses are remarkable for their ability to perform all the same functions as large businesses with fewer people. But they can be stretched incredibly thin with independent professionals often entering fields where they lack experience and the result can be lost efficiency and expertise. In fact, Freshbooks data revealed that 85% of independent professionals say that business development can be a struggle. Hiring a consultant or expert adviser for critical areas such as recruitment and accounting can help you fill in your knowledge gaps but it also costs your company money. Thanks to the digital age and the ideas of ingenuitive entrepreneurs who don’t want to learn as they go and run the risk of mistakes as they do so, there are all sorts of organisations that now make tasks such as business finance and hiring staff a lot easier. Self-taught financial management can cause problems for small businesses. Make life easier for yourself by keeping all of your business accounting and banking in one place. Visit the Countingup website for more information.