What Expenses Can I Claim As A Sole Trader? | Take The Leap

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When you’re a sole trader running your own business, you’ll naturally need to spend money to keep it up and running, and the good news is that many of these costs can be claimed as business expenses. This video gives a simple overview of what you need to know.
SKIP TO:
04:02 - Travel expenses
05:56 - Accommodation and subsistence expenses
06:41 - Charitable donations
07:21 - Health and wellbeing expenses
07:52 - Pensions
08:06 - Professional subscriptions
08:48 - Training expenses
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Business Mileage spreadsheet:
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[@user..Aa..Bb..]

Hi. Sorry forgot to ask one more question. Should I pay the voluntary contributions NI or not. I have PayE job and a sole trader one.

[@CountOnCrunch]

Being paid through PAYE means income tax and national insurance is deducted at source, i.e. deducted by your employer and shown on your payslip - the amounts you pay depend on PAYE Allowance & National Insurance Thresholds. I'd recommend finding out more about these on our Crunch Knowledge website.
As a Sole Trader, your earnings are reported on Self Assessments every year where you'd pay personal tax to HMRC instead.

[@user..Aa..Bb..]

@@CountOnCrunch appreciate your help again. Thank you so much
Going to visit your website and find out more.

[@user..Aa..Bb..]

Cheers. How do I put mileage expense in . Do I just add up and put it in expense column

[@CountOnCrunch]

Spot on! Calculate the cost as a total and claim the correct mileage allowance. For vehicles, the mileage rate for 2022 is 45p per mile for the first 10,000 miles and 25p per mile after that for business-related driving.

[@CountOnCrunch]

For example, 100 miles x 0.45

[@user..Aa..Bb..]

@@CountOnCrunch thank you so much

[@user..Aa..Bb..]

@@CountOnCrunch I put normal expenses in and worked out that my mileage return would be more beneficial. I hope that is OK. Thank you for your help

[@diogocambrian]

Is a trip to a convention in your field allowed as an expense?

[@CountOnCrunch]

This should be allowable, as long as the trip is purely for business purposes. If there's a personal element to it, this may be seen as "duality of purpose" and could be rejected as an expense claim by HMRC.