What allowable expenses can sole traders claim to pay less tax and earn more income?

Some small-business owners don’t claim their full allowable expenses, which means they end up paying too much tax. Other small business claim for costs to which they’re not entitled, which can lead to problems if HMRC finds out.

In this episode tax expert Mike Parkes provides a valuable introduction to claiming allowable expenses aimed at sole traders and freelancers, including those related to operating a business from your home, utility costs, travel and vehicle costs, buying tools and equipment, etc.

Mike Parkes is Technical Director of Oldham-based GoSimpleTax, award-winning software that makes filing Self Assessment tax returns easier for sole traders, freelancers and others who pay Income Tax via Self Assessment. Mike has worked in the small-business and sole-trader accounting and accounting software space for almost 25 years, so he knows a thing or two about Self Assessment and allowable expenses.

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This series of this podcast is brought to you thanks to the support of the Federation of Small Businesses.