Master Your Expenses with Confidence
Unlock the secrets to effective expense management and maximize your savings with our tailored guide for sole traders in Chester.
A Breakdown of Common Allowable Expenses
- Office & Premises Costs
- Travel & Vehicle Costs
- Marketing & Professional Costs
- Stock, Staff & Other Costs
- Technology & Equipment Costs
- Training & Development Expenses
- Office Supplies: Stationery, printer ink, postage, and business software subscriptions.
- Business Premises: Rent, business rates, utilities, and property insurance for your commercial premises.
- Working From Home: You can claim either a simplified flat rate from HMRC or a proportion of your household utility, internet, and council tax bills based on business use.
- Vehicle Expenses: You can claim either a simplified mileage allowance (45p per mile for the first 10,000 miles) or the actual costs of running your vehicle, such as fuel, insurance, repairs, and breakdown cover.
- Other Travel: Business-related train, bus, air, and taxi fares.
- Accommodation: Hotel costs and meals for overnight business trips are also allowable.
- Marketing & Advertising: Costs for advertising your business, including online ads, print marketing, and website maintenance.
- Professional Fees: Fees paid to accountants and solicitors for business matters.
- Insurance: Premiums for business insurance, such as public liability or professional indemnity insurance.
- Subscriptions: Membership fees for professional bodies and subscriptions to relevant trade journals.
- Stock & Materials: The cost of goods you buy to sell on, and any raw materials you use to produce goods.
- Staff Costs: Salaries paid to employees, plus employer’s National Insurance contributions and staff training costs.
Start Early
Don’t wait until the January deadline. Gathering your paperwork throughout the year reduces stress and ensures you don’t miss any allowable expenses.
Keep Good Records
This is the golden rule. Keep all your business invoices, receipts, and bank statements organised. Use digital folders or cloud software to make life easier.
Leverage Technology
Cloud accounting software like Xero or QuickBooks can simplify tracking income and expenses, reduce errors, and connect directly with us for seamless collaboration.
Have Questions About Your Expenses?
If you’re unsure whether an expense is allowable or need expert help preparing your Self-Assessment, our friendly Chester team is here to help.