Sole Trader Expenses - In Detail
This is a detailed explanation of some of the expenses that you may incur.
This is a detailed explanation of some of the expenses that you may incur. Please read through this guide carefully and check all of the conditions for claims that you may be making – as a proprietor it’s your responsibility.
Detailed Guide To Expenses
Expenses can be quite complicated and confusing, they often come with certain conditions that have to be met for you to be able to include the expense in your accounts. Read this guide carefully and make sure you are claiming only those expenses that are wholly and exclusively for the purpose of running your business.
If you have expenses that have an non-business purpose as well, if this is merely incidental to the business purpose, a claim may still be possible.
Expenditure that has a dual purpose, will generally not be claimable. The best example is clothing, you have to wear clothing so it can not be classed as a business expense unless it is specific items of clothing that must be worn for safety reasons – i.e. high visibility jackets, work boots with steel toe caps, these would be business expenses – a suit would not be allowed as a business expense.
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This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.