Allowable expenses: what you can claim
5 chapters·15 min·action plan·mastery check
Chapter 1 of 5
The idea
Every $100 of genuine business cost you claim can save $20–$40 or more in tax.
The rule of thumb
Costs that are wholly for the business usually count: equipment, software, a share of phone and internet, travel for work, professional fees. Personal costs don't, even if convenient. Mixed-use items are usually split by business share.
Predict first
$1,000 of genuine business expenses saves a basic-rate sole trader roughly how much in tax and NI (UK)?
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