Self employed expenses calculator and why you need one
Triginta enables you to record your expenses as you go and to input these into your tax calculation.
You can click and save your receipts and then link them to your expenses record. The figures will be inserted into your calculation of tax and national insurance so you know you’re setting aside the right amount each month. And you’ll have a full record of all your business expenses which you can easily transfer into your tax return at the end of the year.
Remember, you can only claim for expenses that relate to the running of your business. If you use something for both personal use and your business, you can only claim for the portion of the cost that is business related. You’ll have to find a reasonable method of dividing your costs and keep a record of both personal and business use.
You can deduct the costs of goods that you have bought to resell or to use in the business, as well as allowable expenses including
- business accommodation
- office and equipment costs
- employees or subcontractors
- advertising and marketing
- professional fees
- financial charges
HMRC give guidance about what you can claim including a self employed allowable expenses list [link to HMRC] and if you’re not sure you should seek professional advice from an accountant or lawyer.
You can use simplified expenses to work out your self-employed business expenses on your self assessment return. These use flat rates for certain categories of expenditure rather than the actual costs you have incurred to make the calculations easier. Simplified expenses can be used for
- Vehicles including mileage allowances
- Working from home
- Living in your business premises
All other costs have to be calculated using the actual costs you incur. You don’t have to use simplified expenses if it’s more advantageous to claim the actual costs.
Contact us if you have any questions about our self employed expenses calculator