Your Essential Self-Assessment Checklist

Self-Assessment season is the perfect time for Chester businesses to minimize their tax liability by understanding allowable expenses. While numerous deductions exist, navigating the rules can be tricky. Here’s a starting point for what you could potentially claim:

Office Essentials:

• • Phone, internet, stationery, printer supplies etc.
  • Short-term software (<2 years) or subscription-based software costs.
  • Longer-term equipment may qualify as capital allowances.

Business Premises:

• Rent, repairs, utilities, insurance. (Not purchase costs).

Work From Home Options:

• • Simplified HMRC rates available based on hours worked.
  • Calculate % of home dedicated to business for more complex expense claims.

Travel

• • Claim vehicle costs (insurance, fuel, etc.) for business trips.
  • Simplified mileage rates or traditional calculations possible.
  • Public transport, hotels during work trips included.
  • Note: Commuting to your usual workplace is NOT claimable.

Additional Allowances

• • Stock & Materials: Cost of goods sold, and direct production expenses.
  • Legal & Financial: Accountants, advisors, bank fees (some limits apply).
  • Insurance: Business coverage like liability or indemnity insurance.
  • Marketing: Ads, website costs, etc.
  • Clothing: Only uniforms or job-specific protective attire.
  • Staff: Wages, benefits, National Insurance contributions, relevant training fees.
  • Subscriptions: Trade journals or relevant professional memberships.

We Make Filing Easy!

Calculating allowable expenses can be intricate. Contact Accountants Chester for personalised advice and to maximise your tax savings.