How to claim parking, tolls and congestion charges as travel expenses
Learn when sole traders can claim parking, tolls and congestion charges as business travel expenses, and what HMRC won’t allow.
Accounts & Expenses
Keeping on top of your accounts is a basic part of working for yourself.
This section covers recording expenses, tracking income, preparing invoices, choosing accounting software and keeping the records you need for Self Assessment.
Making Tax Digital is also changing how many sole traders keep records and report their income to HMRC. Our Making Tax Digital guide explains who must follow the rules and what you need to do.
Whether you handle the bookkeeping yourself or use an accountant, understanding the basics will save you time and help you avoid expensive mistakes.
Making Tax Digital
Bookkeeping and records
Invoices and payments
Accounting software and accountants
- Find the best self-employed accounting software
- Accounting software versus spreadsheets
- Do you need an accountant if you’re self-employed?
- Do you still need an accountant if you use Xero or FreeAgent?
- How much should a self-employed accountant cost?
- Compare sole trader accountants
- Can you run your business using only Xero?
- How to switch accountants as a sole trader
Claiming business expenses
- What expenses can you claim as a sole trader?
- How simplified expenses work
- Claiming home office expenses
- Mileage allowance explained
- Travel expenses for sole traders
- Training expenses explained
- Equipment and tool expenses
- Are accounting fees tax deductible?
- Are software subscriptions tax deductible?
Can you claim gym memberships and wellbeing costs as a sole trader?
Find out if you can claim gym memberships, yoga or other wellbeing costs. HMRC’s rules on what’s tax deductible – and what is just a personal expense.
Eye tests and glasses for the self-employed: what you can claim
Practical guide for sole traders and the self-employed on claiming eye tests and glasses as business expenses. Explains how HMRC’s strict rules work.
Phone and internet expenses for sole traders: HMRC rules and allowances
Most self-employed people rely on the same phone and broadband for both work and personal use. You can usually claim back part of the cost as a business expense, but only the share that relates to your work. This guide explains HMRC’s rules, provides worked examples, and includes a simple template to help you track … Read more
Entertainment expenses for sole traders: what you can and can’t claim
Client lunches. Coffee after a meeting. A team meal at the end of a project. Are any of these costs tax-deductible? For sole traders, the tax treatment of “entertainment” has famously strict rules, but there are a few important exceptions. This guide explains what HMRC classifies as entertainment, when the expenditure is disallowable, when staff … Read more
What training expenses can you claim if you work for yourself?
Learn which training costs you can claim when self-employed, how HMRC treats them, what records to keep, and where to enter them on your tax return.
What business expenses can you claim as a sole trader?
As a sole trader, you can deduct many business costs from your income and pay less tax. But what counts as a legitimate business expense?
What is ‘turnover’ and how do you calculate it?
Turnover is one key indicator and profit another although the two are not be confused. Our quick guide will explain exactly what turnover is, why it matters, and how to differentiate it from profit.
What is my business worth? How to value a small business
How to value a business, from earnings multiples to asset valuation. Includes guidance for small firms and sole traders, plus factors that influence price.
Business owners warned as HMRC cracks down on personal expense claims
HMRC is cracking down on personal expenses claimed as business costs in Self Assessment returns. See what you can claim and the mistakes to avoid.