What expenses can I claim when self-employed?

When you are self-employed, you are eligible to claim certain expenses that are incurred in the course of running your business. These expenses can be deducted from your overall income, reducing the amount of tax you have to pay. Some common expenses that self-employed individuals can claim include office rent, utility bills, business travel and vehicle expenses, marketing and advertising costs, professional and legal fees, insurance premiums, and costs associated with maintaining office equipment or supplies. It is important to note that the expenses must be directly related to your business activities and supported by appropriate documentation, such as receipts or invoices. It is advisable to consult HMRC guidelines or seek professional advice to ensure you claim only legitimate expenses and remain compliant with tax regulations.