{"id":29737,"date":"2022-08-24T09:50:22","date_gmt":"2022-08-24T09:50:22","guid":{"rendered":"https:\/\/wwconsults.co.uk\/?p=29737"},"modified":"2025-09-25T23:05:18","modified_gmt":"2025-09-25T23:05:18","slug":"what-expenses-i-can-claim-as-a-sole-trader","status":"publish","type":"post","link":"https:\/\/wwconsults.co.uk\/en\/what-expenses-i-can-claim-as-a-sole-trader\/","title":{"rendered":"What expenses I can claim as a sole trader?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"29737\" class=\"elementor elementor-29737 elementor-28939\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1edf20d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1edf20d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c21cb9d\" data-id=\"c21cb9d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0fbacc4 elementor-widget elementor-widget-text-editor\" data-id=\"0fbacc4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>If you\u2019re sole trader or a freelancer, your business will have various running costs. You can deduct some of these costs to work out your taxable profit if they\u2019re <strong>allowable expenses.<\/strong><\/p><p>HMRC allows you to deduct the costs of certain purchases that are necessary to run your business. These costs can be deducted from your profit\u00a0and, by doing so, will reduce the amount of tax you&#8217;ll owe.<\/p><p>It\u2019s important to ensure that you pay the right amount of income tax. To avoid paying more than is necessary, you should claim for your <strong>allowable business expenses<\/strong>.<\/p><p>If you are claiming expenses, don\u2019t forget to keep a in depth record of them, along with all your business receipts. Bank statements can sometimes work instead, but it\u2019s best to stay on the safe side!<\/p><p><strong>What are allowable business expenses for sole trade?<\/strong><\/p><p>Here is a list of the most common allowable expenses that you can claim against your income tax:<\/p><p><strong>Office supplies<\/strong><\/p><ul><li>Stationery<\/li><li>Printing costs \/ ink<\/li><li>Postage<\/li><li>Phone and internet bills<\/li><li>Softwar<a href=\"https:\/\/www.unbiased.co.uk\/life\/small-business\/top-10-free-accounting-software-for-small-businesses\" rel=\"nofollow noopener\" target=\"_blank\">e<\/a>used for under two years (or on subscription)<\/li><\/ul><p><strong>Office equipment<\/strong><\/p><ul><li>Computer hardware<\/li><li>Printers<\/li><li>Software used for over two years<\/li><\/ul><p><strong>Business premises<\/strong><\/p><ul><li>Rent<\/li><li>Business rates<\/li><li>Utilities<\/li><li>Buildings insurance<\/li><li>Maintenance \/ repair<\/li><li>Security costs<\/li><\/ul><p><strong>Transport (not traveling between work and home)<\/strong><\/p><ul><li>Fuel costs OR business mileage<\/li><li>Parking costs<\/li><li>Hire costs<\/li><li>Vehicle license fees<\/li><li>Breakdown cover<\/li><li>Train, bus, air and taxi fares<\/li><li>Hotel rooms<\/li><li>Vehicle insurance<\/li><\/ul><p><strong>Raw material\/ stock (things you buy to sell)<\/strong><\/p><ul><li>Goods for resale (stock)<\/li><li>Raw materials<\/li><li>Direct costs from producing goods<\/li><\/ul><p><strong>Clothing<\/strong><\/p><ul><li>Work uniform<\/li><li>PPE<\/li><\/ul><p><strong>Marketing<\/strong><\/p><ul><li>Advertising<\/li><li>Website costs<\/li><li>Free samples<\/li><\/ul><p><strong>Professional insurance<\/strong><\/p><ul><li>Public liability insurance<\/li><li>Professional indemnity insurance<\/li><li>Travel insurance<\/li><\/ul><p><strong>Trade subscriptions<\/strong><\/p><ul><li>Subscription fees are tax-deductible only if the organisation appears on HMRC\u2019s approved \u2018List 3\u2019<\/li><li>Trade journal<\/li><\/ul><p><strong>Legal and professional costs<\/strong><\/p><ul><li>Accounting fees<\/li><li>Financial adviser fees<\/li><li>Solicitor fees<\/li><\/ul><p><strong>Speak to an expert<\/strong><\/p><p>For more information and to discuss your tax and accounting needs with one of our friendly experts,\u00a0please get in touch.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>If you\u2019re sole trader or a freelancer, your business will have various running costs. You can deduct some of these costs to work out your taxable profit if they\u2019re allowable expenses. HMRC allows you to deduct the costs of certain purchases that are necessary to run your business. These costs can be deducted from your&#8230;<\/p>\n","protected":false},"author":1,"featured_media":29749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-29737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-in-the-uk"],"_links":{"self":[{"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/posts\/29737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/comments?post=29737"}],"version-history":[{"count":1,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/posts\/29737\/revisions"}],"predecessor-version":[{"id":31843,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/posts\/29737\/revisions\/31843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/media\/29749"}],"wp:attachment":[{"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/media?parent=29737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/categories?post=29737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wwconsults.co.uk\/en\/wp-json\/wp\/v2\/tags?post=29737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}