What expenses can I claim?

If you’re a sole trader, you’ll be able to make purchases through your business account, keep a record of this — whether that’s an invoice or receipt — and claim it back when you complete your self-assessment return, therefore lowering your taxable income.

Photo by Nathan Dumlao on Unsplash

Generally, the rule is that the expense has to be “wholly and exclusively” for your business.

What you can claim is very dependent on your type of business. For example, a computer game developer may be able to claim for a PlayStation, whereas a lawyer wouldn’t. Whichever business type you are — sole trader or limited company — you’ll need to think very carefully about whether the purchase you are putting through as expenses is a benefit to the functioning of your business and whether the purchase is completely necessary for the business to function.



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