This article was provided by Easy Accountancy.
The Office of National Statistics has reported the number of self-employed workers in the UK has reached a 40 year high with 15 per cent of the UK’s workforce working for themselves. With self-employment on the rise there are more newly turned self-employed individuals than ever struggling to find the time to learn what benefits they are entitled to.
Easy Accountancy’s latest infographic clearly explains to self-employed workers what they can and cannot claim as a business expense. The infographic takes a question and answer format, using 16 commonly asked questions by real Easy Accountancy clients. Covering some common expense queries, which includes confusion surrounding costs such as school fees, eye tests and accommodation, the infographic clearly states what is and is not classed as a legitimate expense claim. Working for someone on a self employed basis ?
Heather Dore, Regional Manager of Easy Accountancy said that with the number of people registering as self-employed taking a steep incline in recent years, there needs to be simple, easy to understand information on the tax benefits that are available.
Costs incurred solely and exclusively for business purposes could be claimed as business expenses, which means individuals could reduce their tax bill and put that money elsewhere in their business. However, what is and is not classed as an expense can be a confusing area and so Easy Accountancy’s latest infographic aims at providing clarity to what can seem a puzzling topic.
Dore, who provides accountancy services to small business owners, sole traders and freelancers, says. “Taking the plunge to start working for yourself can be an unnerving time and so ensuring that there is simple clear advice available needs to be a priority. Offsetting business costs as expenses can be a major benefit and self-employed individuals need to know what they can and cannot claim. HM Revenue and Customs has created a hefty 136 page guide to self-employed expenses, which is probably not the most suitable guide for the average time-strapped, newly turned self-employed individual.”
Dore concludes: “With the UK economy taking an encouraging turn, more people are having the confidence to pursue what for many is the ultimate dream; calling the shots and working for yourself. The more information self-employed individuals have access to the more comfortable and confident they will feel. This infographic will provide a basic understanding and eradicate some of their confusion to help them on their way to success.”
To view the infographic please visit http://www.easyaccountancy.co.uk/self-employed-expenses-what-you-can-cannot-claim-infographic.
For more information please contact Heather Dore on 0500 234111 or email heather@easyaccountancy.co.uk.
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