If you’re self-employed, you will be taxed on the profit after claiming business expenses. HMRC allows two approaches: detailed cost calculations or simplified expenses. The latter is especially useful for working from home and vehicle use. Simplified Expenses for Home Working If you work from home at least 25 hours per month, HMRC lets you […]
Specific Self Employment Expenses: What You Can & Cannot Claim When you’re self-employed in the UK, HMRC allows you to deduct certain costs from your income before calculating your tax bill. These are known as allowable business expenses. Knowing what qualifies can significantly reduce your taxable profit — but getting it wrong can lead to […]