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Thread: Sole trader - working out actual expenses

  1. #1
    Senior Member HeatherParr's Avatar
    Join Date
    Apr 2021
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    116

    Default Sole trader - working out actual expenses

    Hello all,

    I recently started a business from home. I am registered as a sole trader. I work less than 25 hours a week, so I understand I will need to use actual expenses, rather than simplified expenses.

    I am currently working out the area of my home I can claim expenses on. My question is do I count the kitchen and bathroom in these calculations? I read somewhere that for these purposes they don’t count towards the total area. If anyone could confirm either way I’d be very grateful.

    Thanks

  2. #2
    Junior Member
    Join Date
    Dec 2021
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    8

    Default

    The income of an individual entrepreneur from a business is added to all other income from other sources. Taxes are calculated in the Self Assessment system annually. HMRC insists on reporting online. Paper forms of reports are accepted until October 31. The deadline for paying taxes is January 31 of the year following the reporting period.
    However, it is more important that your company generates income. I advise you to consider hiring a financial advisor trained by the 3 statement model. This will allow you to analyze the available monetary resources and make the right business decisions.

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