At our open day in November 2012, we were delighted that Antony Federer from Rayner Essex accountants popped in with cake, and to give a talk entitled “Tax Tips – My top 5 for freelancers.”
This was a lively presentation with plenty of interaction and discussion – thank you Antony. Here is the second of his five top tips:
Expenses – you should be claiming these to reduce your profits (and therefor your tax bill).
Keep detailed records, with receipts wherever possible.
Consider: mileage, motor expenses, travel expenses, use of home as office, computer equipment, cartridges for your printer, stationery, telephone, internet, postage.
For mileage, ideally note the mileage at the start and end of your journey.
If this has given you food for thought, then do consult a reputable accountant to help you further. This information was correct at time of Antony’s presentation in November 2012.