What expenses can you claim for when self employed?
Expenses you can claim for.
Equipment and supplies- massage table, chairs, portable equipment, oils, towels, linens, candles, all tools, devices in your work space.
Rent for your room space.
Utilities for electricity, water for your therapy space., towel washing.
Insurance, professional indemnity insurance and public liability insurance. I recommend Westminster Insurance https://uk.westminster.global/?Introducer=50022
Marketing and advertising. Business cards, flyers, brochures, website, social media promotions.
Office supplies. Stationary, pens, paper, notebook, printer cartridges. Software subscriptions to manage appointments and finances.
Training and education.Professional development courses or workshops.
Subscriptions for industry publications, or memberships in professional organisations.
Travel expenses .Mileage or travel costs for home visits.Parking fees, public transport travelling to work.
Professional fees.Accountants, legal or business related services. Massage or physical rehabilitation needed to help you work safely and ensure your wellbeing for work.
Home office deduction.Based on the space used for work you can claim a portion of expenses such as mortgage.
Bank charges.Fees for bank accounts and processing services.
Client refreshments or snacks during sessions.
Depreciation- You can claim depreciation on larger equipment over time.
Keeping track of your expenses, consider an accounting app like quickbooks.
Go DIY like me and set up a spreadsheet on microsoft EXCEL , you can create all your different columns for date, description and category (supplies, travel,marketing)
This lets you see all your expense before finalising at the end of the year where you spent your money.
Very importantly keep all receipts or put on an app to digitalise them, by scanning them.
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