Information on Expenses and Filing


These need to be done regardless of whether you are self-employed or have a registered business.
They can be submitted any time between 6th April and 31st January the following year if they are completed online. If you do not submit by January 31st, you will receive a fine as this is the deadline.
You will need to inform HMRC that you are self-employed, and they will set you up with a government account where you will be able to file the self-assessment. The site will run you through a series of questions to help you fill in the form correctly.

The basic rule here is anything that is used for business can be claimed as an expense although a lot will be a percentage of use.

1. Office supplies
-Printing costs / ink
-Phone and internet bills
-Software used for under two years (or on subscription)

2. Office equipment
-Computer hardware
-Software used for over two years
However, if you use traditional accounting then you will need to claim capital allowances on these instead.

3. Business premises
-Business rates
-Buildings insurance
-Maintenance / repair
-Security costs

Note that if you buy your premises, you can’t claim any part of the cost of doing so as an expense.

4. Transport
First 10,000 miles. 
Cars and vans 45p
Motorcycles 24p
Bicycles 20p 
Above 10,000 miles
Cars and vans 25p
Motorcycles 24p
Bicycles 20p 

5. Legal and professional costs

If you use professionals such as an accountant, bookkeeper solicitor, etc. purely for business reasons.

6. Raw materials / stock

You can claim for any raw materials or stock that you use in the course of your work.

7. Marketing

Most of your marketing costs should count as allowable expenses.

8. Professional insurance

-Public liability insurance
-Professional indemnity insurance

9. Clothing

Any special clothing (e.g. a uniform or costume) that you need to do your job.

10. Trade subscriptions

The cost of membership of trade bodies or professional organisations is an allowable expense, as is the cost of subscribing to professional publications.

This is not an exhaustive list but should give you a better understanding of expenses.

You must also remember that we can give you a saving on a QuickBooks online subscription, even if you currently have a subscription, it is easy to transfer it to us without losing your data and make a saving from the following month. The good news here is that you do not even need to take any other services to qualify, just tell us what package you are on and how much you pay, and we can work out a discount for you.

We aim to help as many small businesses as possible, and the self-employed to succeed in any way that we can.

Policy paper Corporation Tax rise cancellation
– factsheet Published 23 September 2022

Under the previous government’s plans, the rate of Corporation Tax was to increase from 19% to 25% from April 2023 for firms making more than £250,000 profit, around 10% of actively trading companies.
Companies making between £50,000 and £250,000 would also face a rise in Corporation Tax, with the rate increasing incrementally from 19% to 25% depending on how much profit a firm was making. For the remaining 70% of actively trading companies, those who make profits of £50,000 or less, Corporation Tax was to remain at 19%.
The government has now cancelled this planned increase. Rather than rising to 25% from April 2023, the rate will remain at 19% for all firms, regardless of the amount of profit made.
At 19% the UK Corporation Tax rate is significantly lower than the rest of the G7 and the lowest in the G20.

How does cutting Corporation Tax help grow the economy and raise living standards?

Competitive business taxes are important to growing the economy as they can incentivise investment and enterprise. The government wants to grow the economy by creating the conditions for businesses to thrive, which will create jobs and increase investment in the UK.
Large businesses employ over 10 million workers and the government wants to support them to deliver the growth needed to boost living standards across the UK.
The UK’s internationally competitive corporate tax system can boost business investment which drives up productivity and powers economic growth. This can result in lower prices for consumers, higher wages for employees, more jobs created as businesses grow and higher living standards in the UK.
The Government believes that robust growth is vital to funding vital public services in the UK and keeping taxes low for working families across the UK, so that people keep more of what they earn.

Basic rate of income tax cut to 19%

The Chancellor unveils his Growth Plan to release the potential of the UK economy, tackle inflation and deliver higher productivity and wages.

Chancellor unveils bold new growth plan, backing business and improving living standards for everyone in the UK.
Corporation tax rise cancelled, keeping it at 19% as government sets sights on 2.5% trend rate of growth.
Basic rate of income tax cut to 19% in April 2023 – one year earlier than planned – with 31 million people getting on average £170 more per year and 1.2 million people in Wales to get National Insurance cut worth £235.
Welsh Government receives around £70 million as a result of tax cuts elsewhere in the UK.

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