Costs you can reclaim on the business

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.

With an increasing number of the UK population getting COVID-19 vaccines and life slowly returning to normal, what can you claim in allowable expenses in 2021/22?

In this Active Practice Update we consider:

  • Office expenses
  • Travel expenses
  • Staff costs
  • Home-working
  • Residential landlords
  • Starting your 2020/21 tax return

If you would like to discuss in more detail any of the issues raised with a member of our team, please call 01772 741200