Did you know that HMRC has its own YouTube channel? The Government department, formed in 2005 by the merger of the Inland Revenue and Her Majesty’s Customs and Excise, offers visual tips and advice, as well as online presentations (webinars).
On Wednesday 28 March, between 3.30pm and 4.30pm there will be a webinar on Business Expenses for the Self-Employed. In this you will be able to find out what expenses are allowable, including travel, overnight expenses, premises costs and business use of your home. There will also be a feature on how simplified expenses can save you time.
You can also ask questions using the on-screen text box, during all live webinars. Reserve your place now.
If you haven’t joined a webinar before, there is a guide to get you set up before the event. Please go to this link.
HMRC also offer help at a time that suits you, with recorded webinars. The latest four part collection covers business expenses for the self-employed.
Part 1 – What are allowable business expenses?
Part 2 – Common business expenses
Part 3 – Simplified expenses
Part 4 – Taxable profit
Finally, their online course, ‘Self-employed business expenses’ provides further guidance on allowable expenses, record keeping and capital allowances.
You can always contact SO Business if you have any questions about setting up your own business.