sole trader expenses list pdf

Understanding sole trader expenses is crucial for minimizing tax liability. These are costs incurred while running your business, which can be deducted from taxable profit. HMRC guidelines dictate what qualifies as allowable expenses, ensuring compliance and maximizing tax savings. Properly tracking and categorizing these expenses helps sole traders maintain accurate financial records and optimize their tax returns. Understanding What Qualifies as an Allowable Expense An allowable expense is any cost incurred "wholly and exclusively" for business purposes. This includes i