“Business Expenses List” by SME Loans is licensed under CC BY 2.0

Find your industry’s self-employed expenses list

With rent, equipment and running costs to pay for, as a sole trader, it often feels like you’re spending a load of money before you’ve even started making it.

At Finmo, we want to make sure you get the most back you can, for the money you spend — so you can enjoy your profits at the end of the month.

Most people don’t know there are actually a large number of expenses they could claim if they’re self-employed. Sure, some costs you might expect to claim back, such as fuel or travel fares, but some you might not even know you’re entitled to, like part of your central heating bill if you work from home.

Good news, right? You can keep toasty in winter while working from home and claim back some of the cost for an extra warm, fuzzy feeling.

When you add up your expenses, you subtract them from your profits before calculating what tax you owe on your earnings, so it can make a big difference to the final amount of tax you pay.

So, while they might not all apply to you, it’s worth checking what expenses you can claim.

Select your role/industry to see a list of expenses.

We’ll be updating this list with more industries soon, but shout out to us on social or email us at support@finmo.co.uk if you’d like expenses information about your industry.

Quick self-promotion... Finmo helps you track your income and expenses and connects you with an accountant to sort your taxes – all for about a third of the cost of a high street accountant. For more:

Find out more
 

For more helpful articles, click the link below

LEARN MORE