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1.Allowable Revenue Expenditure
Please note that allowable revenue expenditure you incur up to seven years prior to the commencement of your freelancing is deductible from your profits in your first accounting period.
The Inspector of Taxes (HMRC) will allow revenue expenditure as a deduction from your freelance income when it is incurred wholly and exclusively for the purposes of your profession. The following is a list of the expenditure which HMRC will normally allow:-
- Accountants Fees including bookkeeping fees.
- Advertising, publicity, brochures, photographs, business cards and flyers.
- Agents commission.
- Bad debts (included in turnover).
- Bank charges (contact us to obtain free banking).
- Books not retained for more than two years.
- Bulbs, fuses, locks, keys, plugs, leads and minor repairs.
- Casual labour (check whether to be paid through PAYE).
- Computer consumables including CDs, DVD, USB memory sticks, external hard drives, (backup) and software annual licence fee.
- Courier charges.
- Data protection registration and renewal fees.
- Entertaining ? expenditure on business entertainment or gifts is not allowable as a deduction against profits, even if it is a genuine expense of the trade or business. However, if the total cost of all assets gifted to the same person in the same basis period is not more than ￡50, and the gift bears the business name, logo, or a clear advertisement, and the gift does not include food, drink, or tobacco, it is allowed. The cost of staff entertaining is specifically allowed.
- Fines & Penalties for a breach of regulations, or as a result of a prosecution for a trader’s breach of regulations, will not be an allowable expense. However payments for damages that are compensatory rather than punitive are tax deductible. Also, where an employer pays fines that are a liability of an employee, so that the employee is taxable on the payment as employment income, the cost to the employer of paying the fine is allowable in computing his/her trading profits.
- Workwear.
- Hire of protective clothing/ uniform.
- Laundering and dry cleaning of protective clothing/ uniform.
- Cost of protective clothing/ uniform.
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2.Travel Expenses. Travel expenses include meals and lodging and transportation expenses while away from home in the pursuit of a trade or business (including that of an employee). Other travel expenses include laundry, shipping, tips, and computer rental fees.
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