What expenses can I claim when self-employed?

When self-employed, individuals can claim a variety of expenses that are incurred wholly and exclusively for the purpose of their business. This can include costs associated with running a home office, such as a portion of utility bills, internet charges, and office supplies. Additionally, self-employed individuals may claim travel expenses, which cover costs for business-related travel, including public transport fares, fuel, and parking charges. Other potential expenses encompass the purchase of equipment necessary for the business, such as computers, office furniture, and tools specific to one's trade. Professional fees, like accountancy or legal services, can also be considered allowable expenses. Marketing and advertising costs incurred to promote the business, as well as fees for business insurance and subscriptions to relevant professional publications, are further examples of claimable expenses. It is essential for self-employed individuals to maintain accurate and organized records of these expenses, as they are required to provide justification in the event of an inquiry. For comprehensive guidance regarding what can be claimed, it is advisable to consult the latest resources available on the official HM Revenue and Customs website, where detailed information is provided.