January is a time when you need fast help when your self assessment is still on your To Do list.
If it’s summer when you’re reading this (or October or November) and you have time under your belt, rather than overwhelm and panic, soooo much easier.
This is my essential guide to expenses for sole trader freelancers doing their own tax return (for more in-depth information, there’s the How To Do Your Tax Return course, one to one coaching and Tick Off Your Tax Return retreats).
Don’t forget your reward once you’re done! #soimportant #cake #wine
What’s An Expense?
An expense is a day to day cost in your business.
It’s different to capital items, which are an investment (asset) when you’ll get the value for several years.
For example, stationery is an expense, your laptop is a capital item. I cover this in more detail with more example in the How To Do Your Tax Return course and in the articles below.
- Tax-Deductible Laptop & Accessories Guide
- Tax-Deductible Stationery Guide
- Claiming Networking Expenses
- Working From Home Expenses and ebook
- Travel Expenses and ebook
- Tax-Deductible Photography Guide
- How To Claim Business Photography Off Your Tax Bill
- Are Your Paypal Records Driving You Crazy?
- How To Record Foreign Currency Payments In Paypal
- Which Local Marketing Expenses Are Tax-Deductible?
- How To Get Good Sound For Periscope (or Facebook Live) (audio visual expenses)
- The Essential Guide To Accounting Software
In a hurry? Get everything you need right now > How To Do Your Tax Return course
Doing Your Tax Return
Are you doing your first tax return?
If the course isn’t your bag, try these free articles.
It’s easy to get a case of the overwhelms when you have a tax return to do (try my Money Mindset Resources).
I know it’s easy to throw up your hands, declare you don’t want anything to do it or put it off.
Thing is, it’s essential for your business to understand about expenses so you can make better decisions.
Having your tax return, money and expenses firmly in the avoid camp doesn’t help you grow your business so you can make the difference in the world you are craving for.
So let’s sort that out:
- The 4 Step Plan To Prevent Procrastination
- Why It’s Ok Not To Panic When Your Tax Return Is Due
- 5 Ways To Save Time Doing Your Receipts
- Are Your Expenses Naughty Or Nice?
- Maintaining Your Money Mindset
- Break Through Your Money Blocks
From free to a no-brainer price, download these resources so you can take action right now.
(And don’t forget your reward #cake #wine)
(capital items aren’t an expense, but I’ll leave it here for you anyway)
Do you understand what you need to do with your expenses? Do you understand what’s tax-deductible?
If you need one to one support knowing what to do with your expenses and what’s tax-deductible, learn more about coaching.
If a tax return retreat in a cabin in the woods, only 5 minutes from the London Underground, is more your thing, learn more about the Tick Off Your Tax Return Retreat.
If you need an at-your-own-pace tax return course that’s easy to understand, have a look at How To Do Your Own Tax Return course.