The self-employed are often concerned regarding expenses they can claim. In this article, we will briefly look at the rules for claiming expenses relating to office, property and equipment. You cannot claim for any non-business use of premises, phones or other office equipment.
As a general rule, you can claim for items you’d normally use for less than 2 years as allowable expenses such as stationery and other office sundries as well as rent, rates, power and insurance costs.
HMRC lists the following office expenses which can be claimed:
Planning note
You can also claim the applicable part of rent, rates, power and insurance costs for any part of your home used as an office.
Equipment you buy to use in your business that you would expect to last for more than 2 years e.g. computers are treated as allowable expenses, if you use cash basis accounting or you can claim capital allowances if you use traditional accounting.
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There is an annual Inheritance Tax exemption of £3,000 for gifts. This exemption can also be carried forward to the
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The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the
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Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made
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