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WebApr 11, 2024 · If you're self-employed and work from a business premises, it's important to know what expenses you can claim for tax purposes. In this video, we'll explain ... WebYou use one of the four rooms, your office, 50% of the time for your self-employed work. Your total household running costs are £5,000 per year. You would calculate your business usage as 50% x 1/4 x £5,000 to get a figure that could be classed as the rental cost for your business using a workspace in your home, which in this case would be £625. can rabbits eat pumpkin
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WebApr 11, 2024 · Many self-employed business owners may find it daunting to understand the top tax deductions. However, knowing which deductions you qualify for can help you save money when filing taxes and can ... WebYou can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses. Example Your turnover is £40,000, and you claim £10,000 in … WebFeb 9, 2024 · For the first half of 2024 the rate is 58.5 cents per mile and increases to 62.5 cents per mile for the second half of 2024. Alternately, you can use the actual expense method to deduct the business portion of costs like gas, repairs and maintenance, auto insurance, registration and car loan interest or lease payments. Parking and tolls. flanagan northern ireland