I've just finished my first tax year being self employed. How much can I possibly rinse through expenses?
So far I have:-
- Mileage.
- The £26 per month working from home flat rate.
- Work mobile.
- Professional membership and bills associated with that.
- Equipment (computer, webcam, office chair, etc.).
- Meals when I'm on the road.
>>9229 Isn't there the risk that if you allocate a portion of your household bills to work you have to potentially pay CGT on that portion of your house when you sell it?
See CGT section. You might lose CGT relief but I'm not sure of the actual impact on your tax. The bit they mention about retaining dual use seems fairly generous though so I'd imagine you'd be fine.
You can only claim clothes if they are work-specific and couldn't reasonably be worn in other contexts. Uniforms, costumes and PPE are deductible expenses, but suits aren't even if you only wear them for work.
The joke is on HMRC, because I buy all my clothes at Screwfix.
OP here with a follow up question. At the minute my student loan balance has c. £4,370 outstanding and I will have somewhere around £3,400 to pay for 2021/22 when it comes to doing my self assessment.
Should I take some of the money I currently have in premium bonds and just pay it off now? The plan 1 interest rate is 1.5%, so higher than I'm likely to get through my savings but we're probably only talking about being ~£30 better off overall if I clear it now.
