How much can you save?

1. Motor expenses

Many self employed forget to claim all their motoring expenses. What about your AA/RAC cover? This is often not picked up as it is usually a direct debit payment with no invoice issued. You can also claim a reasonable amount for parking charges, toll fees and costs for washing your van/car evn if you have no receipts. IF YOU WANT TO CLAIM BUSINESS MILEAGE LEAVE THIS BOX BLANK.

2. Business mileage

Claiming business mileage at the rate of 40p per mile for the first 10,000 miles and 25p a mile thereafter can save you problems with the taxman (as your personal use element is irrelevant) and in many cases allow you to claim MORE than you have spent- legally. If you keep accurate business mileage records calculate if this applies to you. For instance if you have covered 20,000 business miles then this means you can claim £6,500. If all you motoring costs for the year were only £5,500, you have saved £1,000.

3. Subsistence

If your business incurs extensive travel without a set working pattern you are classified as “itinerant” and you can claim £5 for each meal without receipts. EXAMPLE: John collects and delivers cars all over the country. He can claim £5 for breakfast, £5 for lunch and £5 for evening meal if he sets off early in the morning and arrives home late at night.

4. Tools and equipment

Don't forget to claim for any tools you use for work - even if you bought them before you started your business. You can claim for them even if you have no receipt!

5. Bank charges and loan interest

What have you forked out on bank and credit card charges? How much interest are you paying on business loans or hire-purchase? Been charged any credit arrangement fees or unauthorised overdraft fees? They all add up!

6. Laptop or desktop computer

Even if you only use your computer for work emails, you can claim for it. You may have bought your PC for personal use - but if you now use it for work, you can claim it as a business expense.

7. Internet connection

What does your broadband and phone line cost you each year? You can claim all of this if you use the web or email for work. (if you've got a TV package that includes internet and phone, you can claim the broadband and landline as a business expense).

8. Workwear and laundry costs

What have you spent on boots, gloves, hats, overalls, etc.? And what about laundry costs? They don't clean themselves!

9. Book-keeping

What do you pay your spouse (or other family member) to do your book-keeping? In many cases you can pay them tax-free!

10. How much are we saving you on accountancy fees?