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If you’re a sole trader, there are a ton of self-employed allowances that you can use to pay less tax.
You can claim the first £1,000 of income from self-employment as a flat tax-free allowance.
You won’t be eligible to claim other expenses, though (including the allowances listed below).
Still, for most self-employed people this is more than their expenses.
Plus, no more receipts.
If you work from home, you have two options:
|Hours of business use per month||Flat rate that you can claim|
|25 – 50 hours||£10 per month|
|51 – 100 hours||£18 per month|
|More than 101 hours||£26 per month|
If you don’t want to keep track of every receipt related to your car (insurance, repairs, fuel, etc.), you can just opt for “simplified expenses” and use this flat rate called the Mileage Allowance instead:
|Vehicle||Flat rate per mile|
|Cars and goods vehicles first 10,000 miles||45p per mile|
|Cars and goods vehicles after 10,000 miles||25p per mile|
|Motorcycles||24p per mile|
All of these self-employed allowances are on top of the general allowances:
You can just claim them through your Self Assessment tax return.