Business Briefs · Want to be Self Employed?
Allowable Expenses
We are often asked “What expenses can I claim now that I am self employed?”
The rather glib answer is “Anything that relates to your business”. Whilst this is generally true, there are some expenses which, although genuine business expenses, are specifically excluded from tax relief, such as:
- Business entertaining including the VAT
- Charitable subscriptions and donations, except to small local charities
- Political donations
- Costs and Fines for breaking the law
- Drawings, including payments for tax and National Insurance contributions
- Depreciation
