Web Designer Tip: Saving Money with UK Tax Reliefs
If you’re based in the UK and self-employed you can save money by getting tax relief for your business expenses. If you pay for a service for business and private use (like your phone bill), the bill can be split so you get tax relief for the part that’s just for your business.
Your business expenses might include:
- buying stock or materials and paying subcontractors
- business premises costs
- repairs and renewals
- motor and travelling
- legal and professional fees
- general office costs
Splitting the cost
If you work from home you are probably entitled to claim tax reliefs on bills such as electricity; phone, broadband etc. Let’s say you have a 7 room house including your office, you could get tax relief on 1/7 of your electricity bill.
Tax is a difficult area best solved by a one on one appointment with a tax advisor – I’m not getting my fingerprints on that train wreck! as a first step – check out HMRC self employed tax reliefs.