Any computer software your business uses and makes regular payments to renew the licence.Any computer software that your business uses for less than two years.HMRC will allow you to claim a range of expenses pertaining to office supplies, including: If you’re having trouble finding business expenses to claim on your Self Assessment return, you don’t have to look any further than your desk. To help you to start saving money, take a look at our list of Self Assessment expenses you can claim against your tax bill. That’s why you’re allowed to deduct the cost of some of these business expenses from your profit, thus reducing the amount of tax you owe through Self Assessment.
Fortunately, the UK Government appreciates that running your own business can be expensive. The amount you owe will vary dramatically, depending on how much profit you made the previous tax year. Self-employed sole traders, limited company directors, shareholders, and LLP members are all obligated to send Self Assessment tax returns to HMRC every year – and based on their earnings, most individuals will need to pay Income Tax and National Insurance contributions on their taxable income. But what some aspiring entrepreneurs may not realise is that, when you start your own business, you also need to register for Self Assessment. As a business owner, you’ll have a range of reporting regulations and requirements to fulfil for HMRC and Companies House on behalf of your company. Running your own business isn’t always easy – especially where accounting is concerned. We’ve rounded up 12 Self Assessment expenses that you may be unaware of. There are so many allowable expenses you can claim to legitimately reduce the amount of tax you pay.