🧾 Claim Your Expenses – Don’t Pay More Than You Need To

If you’re self-employed or a landlord, don’t miss out on claiming allowable expenses to lower your tax bill.

✅ Common deductible expenses include:

• 🚆 Travel costs – fuel, train fares, parking
• 🏠 Home office expenses – if you work from home
• 🛠️ Tools, equipment, subscriptions, advertising
• 🎉 Staff entertaining – yes, within reason!

📌 Pro tip: Keep every receipt – HMRC won’t accept guesswork.

🏢 Limited Company vs Sole Trader: What’s Best?

Going Limited has its benefits:

• 💼 Lower Corporation Tax rate (currently 19% or 25%)
• 📊 More tax planning flexibility (e.g. salary + dividends)
• 🧑‍💼 More professional image

But… it also means more admin, filings, and rules.
📈 If you’re consistently earning £40k+, it might be time to speak with an accountant.

🏘️ Renting Out Property? Here’s What You Should Know

• 💷 The first £1,000 of rental income is tax-free (thanks to the Property Allowance).
• 🏦 Mortgage interest relief is limited – you now get a 20% basic rate tax credit, not full deduction.
• 🏢 Thinking of moving property into a Limited Company? It could be tax-efficient, but it’s not one-size-fits-all. Get expert advice first!

Need help working it all out?
📞 Call us on 0161 710 1901 | 📧 Tax@TaxesDoneRight.co.uk
💬 DM us | 🌐 Visit: www.taxesdoneright.co.uk