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.
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?
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.
How to invoice as a sole trader – with VAT and non-VAT templates
Learn how to write an invoice as a UK sole trader, what to include, and how to handle VAT if needed – plus download free templates to get started.
15 smart questions to ask before choosing an accountant
Thinking of hiring an accountant? Here are 15 smart questions to help sole traders choose the right one – plus tips on fees, software, and switching.
What payment terms should I use when invoicing clients?
Setting the right payment terms helps you get paid faster. Learn what terms to use, how to handle big clients, and what UK law says about late payments.
Chasing unpaid invoices as a sole trader: practical steps and your legal rights
Unpaid invoice? This guide for UK sole traders explains how to chase late payments, what the law says, and what to do if a client still doesn’t pay.
Should you use accounting software or stick with spreadsheets?
Thinking of switching from spreadsheets to accounting software? The pros and cons of both options for sole traders and other small business owners.