⭐ WEEK 2 – Helpful Hint: Don’t Miss Out on Allowable Expenses (Most People Do When Filing Alone!)

One of the biggest reasons sole traders overpay tax is simple: they don’t realise what they can claim.

HMRC rules change often, and expense categories aren’t always obvious.

Many DIY filers either:

• claim too little (paying more tax), or
• claim incorrectly (risking penalties).

Neither outcome is good for your business.

This Week’s Helpful Hint: Review Your Allowable Expenses — But Don’t Try to Guess Them

Allowable expenses include things like:

• Tools, equipment, and supplies
• Travel and mileage
• Home office costs
• Phone and internet usage
• Software and subscriptions
• Training related to your current business
• Accountancy fees
• Insurance
• Marketing and advertising

But the rules can be confusing. For example:

• How much of your phone bill can you claim?
• Should you use the simplified home-office method or a percentage calculation?
• Which training is allowed and which isn’t?
• What about clothing? Meals? Mixed-use purchases?

These decisions affect your tax bill — and HMRC expects them to be correct.

❗ DIY returns often miss hundreds of pounds worth of deductions.

💼 Why We Should Identify Your Expenses

When we complete your return, we:

• Go through your records line by line
• Identify all allowable expenses
• Ensure nothing is claimed incorrectly
• Prevent overpaying
• Keep you compliant and penalty-free
• Maximise your tax savings safely
• 
  

This is where having a professional really pays off.

Sole traders who do it alone often overpay far more tax than our fee — which means hiring an accountant is not an expense, it’s an investment that pays for itself.

👉 Send us your records and let us ensure you claim everything correctly.

You’ll save time, avoid errors, and keep more of the money you’ve earned.