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 Hm Revenue and Customs Self Assessment Form 2020

Hm Revenue and Customs Self Assessment 2020-2025 Form

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Instructions and help about Hm Revenue And Customs Self Assessment Form

you're self-employed which means you have essential costs to keep your business running you can deduct these costs called allowable expenses to work out your taxable profit but remember if you're using the £1,000 tax-free trading allowance you can't claim any expenses allowable expenses include office property and Equipment travel including cars and vans staff any legal and financial costs and marketing and subscriptions you can't claim for anything you spend on personal things such as your home and accommodation food clothing holidays and anything you buy for you and your family you may want to use simplified expenses this means you claim a flat rate instead of working out the actual costs for example for car travel you can claim 45 a mile up to 10,000 M and then 25 p a mile over this amount if your income is £85,000 or more you'll need to list each expense individually under the appropriate heading this also applies if you didn't trad

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