Free Education Services from HMRC

HMRC have launched a new guide about business expenses for the self-employed.

It's really important to know what expenses you can claim and in some cases, how these are worked out.

I bet it's one of the first questions you asked yourself, right?

So to help you we’ll be telling you:

• what allowable business expenses are
• what is meant by revenue 'day to day' expenses
• how to claim for larger items of plant and machinery known as 'capital allowances'
• whether using flat rates for certain expenses or 'simplified expenses' could be an option for you

Claiming the right expenses means you’ll pay the right amount of tax at the right time.

You can access the guide here: Business Expenses for the self-employed there is also a link to it on the Fife Chamber website.

They are also planning a webinar on how to separate business and private expenses, allowable pre-trading expenses and ‘day to day’ expenses?

Thursday 17 March: 17:00 to 18:00 Business expenses for the self-employed

All that is needed is to click on the link above, provide an email address and we will send an invitation to join. It’s as quick and simple as that.