Self employment and expense claims
Self-employment is at the highest rate for 40 years with 15 per cent of workers in the UK working for themselves. With self-employment rising, questions about what is and isn’t a legitimate expense claim are bound to be on the minds of lots of small business owners.
Easy Accountancy’s new infographic illustrates simply what expenses can be claimed by self-employed workers and small business owners.
The Office of National Statistics has reported that 15 per cent of the UK’s workforce is self-employed , but many are unaware of the business expense benefits that are available to them.
In order to support those newly deemed as self-employed, Heather Dore, Regional Manager of Easy Accountancy, says there needs to be simple information available to eradicate the confusion surrounding expenses.
HM Revenue and Customs have created a 136 page guide to expenses and benefits, which is far too long for most people to actually take the time to read. Therefore, I am not surprised that so many self-employed workers and small business owners are missing out on what they are legally entitled to.
I find that so many of our clients ask the same questions, as the information out there at the moment isn’t providing answers. Our aim of the infographic is to help inform what expenses these people are entitled to; providing clarity to a confusing topic.
Taking a question and answer format the infographic responds to 16 questions that are commonly asked by Easy Accountancy’s self-employed clients. From childcare to clothing the infographic clearly states what can and cannot be claimed as a business expense.
Dore concludes: “As the UK economy is improving, more and more people are having the confidence to start a business of their own. In order to help the economy further, we need to encourage this trend by fully supporting these people and helping them understand what they are entitled to.
This infographic provides them with a basic understanding and, with the help of the right accountant; self-employed workers will be able to offset many of their running costs. This means that they can save 20 per cent tax on each cost (or 40 per cent if they are a higher earner) and put that money into other areas of the business to help generate growth.”
Easy Accountancy is part of the multi-award winning SJD group, which provides accountancy services to over 14,000 small businesses throughout the United Kingdom. SJD Accountancy has over 22 years’ experience and are the UK’s largest contractor accountants. SJD has won many industry awards such as The British Accountancy Awards ‘Accountant of the Year’ in 2011 and the National Chamber of Commerce Award 2010.
Heather Dore, Regional Manager, Easy Accountancy