Tax Rebates & Refunds

Types of tax deductible expenses pt.1

September 15, 2012
Posted in Income Tax — Written by Chris

If you are self-employed or you run your own business, you will need to fill in a self-assessment form, also known as a tax return. On this statement, you will include your earnings for the tax year and you will also include your expenses.

There are certain expenses which you may incur as part of your work which you don’t need to pay tax on. Once you note down all of your tax-deductible expenses on your tax return form, you won’t receive the tax deductible amount as a tax rebate. Instead, your expenses will be taken from your earnings, making the grand total lower. This means you will pay less tax overall, as your total earnings will be lower.

There are several different types of tax-deductible expenses, including the following (continued in part 2):

• Charges for business bank accounts, credit cards and PayPal accounts
• Travel expenses, including the costs of running a car or van for business purposes
• Cost of goods or services that you provide as part of your business
• Professional and accountancy fees
• Costs of getting logo’d uniforms made up and delivered
• Postage costs
• Safety wear and equipment
• Professional journals
• Phone and internet costs
• Stationery and office furniture costs
• Advertising fees

See part 2 of this guide for more tax-deductible expenses.

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