If you’re self-employed, you probably know that you can claim legitimate business expenses and set them against your tax bill – but not all expenses qualify so it’s important to make sure your claim is valid. At ad+ we can help.
For example, unless something that you buy for your business is a capital asset, a computer or machinery (which you claim for under different rules), you can deduct its full cost when working out your profits for tax purposes. You’ll then receive immediate tax relief for the full cost of the purchase.
Car Costs For The Self-employed
You can claim the running costs of a car if you are self-employed, but not the actual cost of buying a car. If you use the same vehicle for private journeys, you can claim a proportion of the total costs.
Cash Flow Boosting For The Self-employed
If you are setting up as a self-employed individual, you may be able to improve your cash flow by choosing an accounting year that ends early in the tax year. This maximises the delay between earning your profits and your final tax demand.
Obtain The Right Advice For You
Not everybody’s circumstances are the same. The tax team at ad+ help many self employed business owners with all aspects of their tax, VAT and payroll. Our team has extensive experience with self employed property owners, retailers, consultants and many other professionals who have businesses based in Central Scotland or further afield.
These advanced and yet easy-to-use tools allow the ad+ team to streamline your booking process and generate up-to-date management information for you in less time than would have been required using traditional software packages.
If you would like to arrange a meeting to discuss the issues surrounding Self-Employment, or would simply like more information, please get in touch with us today:
Phone: 0141 643 9200
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.
The content of this Tip is for your general information and use only, and is not intended to address your particular requirements. The content should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the content.