Top 14 sole trader expenses you should claim

Simply put, Income-Expenses = Profit

As a sole trader, you are liable to tax based on the level of profits that you earn in any year. 

However, far too many sole traders do not claim all the expenses that are available and therefore pay more tax than actually required. 

We provide a simple round up the types of expenses that should be claimed by most sole traders. However, there are more specific expenses that can be claimed dependant on your type of work/business. As such, contact Accurus Accountants to ensure that you have claimed all the relevant expenses incurred throughout the year. 

Top 14 costs that you can claim as expenses

These are:

  1. Office costs, these will include such items as stationary, phone bills
  2. Business premise costs, such as insurance, rent and rates, heating, lighting etc.
  3. Staff Costs, such as for salaried staff, subcontractor costs etc
  4. Advertising or marketing, such as website costs, leaflet drops, publication advertising etc
  5. Travel costs, such as fuel, parking, train or bus fares
  6. Clothing expenses. such as uniforms
  7. Financial costs such as insurance and bank charges and loan interest
  8. Professional fees such as legal costs and accountancy fees
  9. Goods for resale such as stock and raw materials
  10. Training courses that are related to your business needs.
  11. Subscriptions, such as industry required services and membership
  12. Simplified expenses, in cases where obtaining records is difficult, we can use flat rate expense claims for such things as vehicles and working from home.
  13. Capital allowances for items such as equipment, machinery and business vehicles. 
  14. Personal and business expenses – we will prepare the split of costs for items which have both a personal use and business costs such as mobile phone bills.

Accurus | Accountants for Sole Traders

As a business owner, you’re always pressed for time, constantly. We are going to take a stab in the dark here and assume your passion is not compliance.

While you focus on what’s important to you, we can streamline the management and preparation of tax returns, financial statements, pension, payroll obligations and other compliance accounting matters.

We can also take care of all your tax needs be it corporation tax, payroll tax, income tax or any other applicable tax. The compliance services we offer are:

  • Best Structure for the business 
  • Preparation of Sole trader and Partnership accounts
  • Self-assessment returns and advice
  • VAT registration, preparing returns and filing, if required.
  • Maintaining payroll, pension and associated returns
  • Preparation of periodic management accounts
  • Bookkeeping services

You choose the services that you need based on your needs and we prepare a quote bespoke to your needs. You can add and remove services as the businesses increases in size and/or complexity. 

Contact us now for a free informal discussion.

We aim to provide you with the necessary advice and guidance in preparing your Self Assessment Tax Return on how to minimise your tax liability both for the current year and future years. This advice is ongoing as the rules and allowances change almost annually.  We believe in providing a value-add service, not just number crunching. Please contact us at Accurus Accountants for an informal discussion.
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