Allowable expenses

If you're self-employed, it's useful to know what is considered an allowable expense, to work out your taxable profit for the year. 

Allowable expenses are certain running costs that you incur, which can be tax deductible. These include office costs, travel costs and the costs of your business premises, i.e. heating and business rates.

A full list of allowable expenses can be found here . HMRC list business insurance, such as Public Liability insurance , as an allowable expense - and is therefore tax deductible.

If your business finances are managed by accounting services, you should inform them how much you pay for your business insurance to help them calculate your taxable profit. You should also keep a record by way of policy documents and/or a receipt for how much you paid for your business insurance policy. 

For any tax related decisions, you should always take professional advice. 

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