Tax relief can be hugely beneficial to business owners as it reduces the amount of tax you pay, or it can provide you with a lump sum if you claim back tax you've already paid.
How Does It Work?
If you're self-employed, you may be eligible to claim tax relief.
To do this, you need to complete a self-assessment so HMRC can determine your level of tax relief.
You can also claim up to 4 years of tax back from HMRC, but you must have records of what you've previously spent.
Who Can Claim?
Those who are self-employed and pay for business expenses using their own money can apply.
But there are strict criteria on what expenses can be claimed and only if bought for business purposes.
What Can I Claim On?
There are several categories of expenses you may be eligible for tax relief. These include:
- Uniforms and tools
- Travel & overnight expenses
- Professional fees & subscriptions
- Other equipment (such as computers)
How to Claim
If you file self-assessment tax returns with HMRC, you will have the option to make tax relief claims during the process.
If you want more information on what you can claim and how to claim it, please don't hesitate to contact one of our offices.