What Are Business Expenses for Self-Employed People?
What are the business expenses for self-employed? Your business is most likely going to have costs such as equipment costs and office supplies.
However, the good news is you can deduct some of these costs to work out your taxable profit (if they’re allowable expenses). Here’s your checklist on the business expenses you can expect and how you can claim.
Self-Employed Expenses
Office Costs, Equipment and Location
Items you’d typically use for less than two years can be claimed as allowable expenses. Here are the office, property and equipment costs you can claim expenses for:
Any computer software you use- Phone, mobile and internet bills
- Stationery e.g. pens and notepads
- Postage costs such as stamps and envelopes
- Printing costs such as ink and cartridges.
- The room(s) in your home used as an office
- Rent for business premises
Travel Costs
You can’t claim business expenses for non-business driving, travel costs or your commute between home and where you work.
However, what you can do is calculate your vehicle expenses using a flat rate (or simplified expense). This is for mileage costs instead of the actual costs of buying and operating your vehicle.