Simplified expenses are flat rates that you can use to reduce your self-employment tax bill. They’re great especially if you don’t have big expenses, if you drive a lot, or if you can’t find your receipts.
The below costs can be claimed using simplified expenses:
In the UK, you must keep all of your Tax Records (including expense receipts) for a minimum of 6 years. We recommend storing these digitally where possible to prevent them being lost! Even a scanned copy of a receipt can be a great way to keep things in order.
This all depends on your business and your own needs and preferences. We have experts in Sage, Xero, QuickBooks, Free Agent and more. Speak to our accountants today to discuss your options and we can find the best solutions for you!