Capital allowances are a type of tax relief for businesses. They let you deduct some or all of the value of an item from your profits before you pay tax.You can claim capital allowances on:equipmentmachinerybusiness vehicles, for example vans, lorries or business carsThese are known as ‘plant and machineryIf you’re a sole trader or partnershipContinue reading “Capital Allowances”
Tag Archives: self assessment
Simplified Expenses for Self Employed
Simplified expenses can be used for sole traders or partnerships that have no companies as partners. They are a way of calculating some of your business expenses using flat rates instead of actual business costs. You can decide if actual costs or simplified expenses suits your business. Types of simplified expenses You can use flatContinue reading “Simplified Expenses for Self Employed”
Self employed business expenses
If you are self employed your business will have various expenses and running costs which you can deduct to work out your taxable profits. Allowable expenses does not include money taken from the business to pay for private purchases Typical expenses include the following If you work from home you may be able to claimContinue reading “Self employed business expenses”
Self assessment
Get your tax return done and dusted without any last minute panic or surprises. Contact KPM Accounting to get your return completed and submitted on time.
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