In this video, we'll be going over what exactly business deductions are and what you can claim tax back on as a sole trader.

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This is the first video in our Tax Tips series, where we'll be going through the different ways you can optimise your taxes all the while keeping in HMRC's good books, making your money go further.

As a sole trader, regardless of the work you do you're going to incur some costs running your business. The good news is that you can claim back tax on these costs when you submit your Self Assessment tax return at the end of the year — but there are a few conditions.

Ember co-founder and Deloitte-trained accountant Dan goes through the different business expenses you can claim tax back on, what is considered acceptable by HMRC, and what is not.

Timestamps:
00:00 Intro
00:29 What is a business expense?
01:02 Advertising and marketing
01:15 Office and stationery expenditure
01:27 Software licensing
01:39 Rental expenses
01:55 Insurance
02:07 Wages
02:20 Sub-contractors or consultants
02:35 Finance-related costs
02:45 Accountancy fees
02:57 How to store your records

#accounting #accountingtips #taxtips

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**Who are we?**

A little bit about us: we're a full-package, fuss-free tax app on a mission to help business owners do just business. Run by qualified accountants, we automate and optimise your business taxes for you in real time, giving you the tools and time to focus on what matters.

**What can Ember offer you?**

**Transactions that categorise themselves**
**A real-time picture of how much tax you owe**
**All of your important transactions in one central feed**
**Your tax returns done and dusted in just a couple of clicks**
**Live advice on the most tax-effective way to pay yourself**

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