This can be quite a complex area so we would recommend contacting us, or your existing accountant for full information on your circumstances.

In summary however, if the expenditure is to extend or improve existing professional knowledge or skills, this would not be deductible for tax purposes. If the course or training is to update existing professional knowledge or skills, this would be allowable as a tax deductible business expense.

17th August 2020

Can I claim for training and development expenses in my business?

This can be quite a complex area so we would recommend contacting us, or your existing accountant for full information on your circumstances. In summary however, […]
17th August 2020

How does National Insurance work if I am self-employed and employed?

If you are both employed and self-employed, you need to ensure you tell HMRC the correct figures. You are charged Class 1 NICs on any amounts […]
29th June 2020

I’m a student – do I need to file a tax return?

It is a common misconception that as a student you don’t have to file a tax return, or pay any tax. However, if you are a […]
29th June 2020

Payment on Account

If you file a self assessment tax return, you will have to make a Payment on Account (POA). This applied if you have tax to pay […]
21st April 2020

Can I claim for childcare?

No. There aren’t any exceptions to this rule. It is not a business expense (whether you are an employee, limited company director or sole trader). If […]
21st April 2020

Can I claim for my coworking space? (Sole Trader)

The simple answer is – yes! In fact, it can sometimes even work out more cost-efficient to use a coworking space than your home (when you […]
21st April 2020

Can I claim for a desk and chair purchase for my home office? (Sole Trader)

When you set up as a sole trader, you may also decide to set up a work space at home. As long as this work space […]
14th April 2020

Can I include my accountancy fees?

As a sole trader, you may think you can include all your accountancy fees as a tax deductible expense however this is incorrect. You are allowed […]
9th April 2020

Who needs to file a Self Assessment tax return?

You must file a Self Assessment tax return with HMRC every year if you are self employed (and earn more than £1,000) or you are a […]