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As a freelance graphic designer, and a sole trader in general, you’re able to reduce your overall tax bill by deducting your business expenses.
These can be anything that you bought purely for your work as a freelance graphic designer. The most important thing to remember is that you must keep a record of everything you spend as evidence for HMRC.
You may not know but they can ask to see your records up to 22 months after you’ve paid your tax bill.
Here’s a list of things that you can expense for your graphic design work. You might be surprised by how much is allowable. But remember, as long as it’s a genuine business expense, you can most likely claim it back.
You can deduct your business expenses when you do your tax return. You upload your receipts as well as your invoices.
To declare your self-employment to HMRC, you’ll need to do your Self Assessment online by 5th October of any given tax year.
You will then pay your tax bill by 31st January of the following year.
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