Networking expenses can be a real bitch.
What’s tax-deductible, what isn’t?
Why are some items allowable off your tax bill in one situation and aren’t in another, hmmm? It’s enough to make your head spin.
I want to do more videos so I went to my local wood and made you a video giving you the lowdown of which networking expenses you can claim on your tax return
(because I’m freelance and I can do stuff like that randomly in the middle of the day).
First up, I’m assuming you’re a sole trader. If you’re a limited company, it’s mostly the same but it’s your company profits and accounts you’re dealing with, not your self assessment tax return.
(And if you’re thinking, WTF is the difference and what on earth am I, read this).
I was invited to an event by a freelance photographer client who was covering it.
A lunchtime business community get-together.
All clear as mud right?
Once you understand HMRC’s view on food and drink and why they think most of it is Entertainment (not tax-deductible) rather than Marketing (which is tax-deductible) it’s not so brain stretching.
Because a) you need to legally, and
b) because it’s a damn good idea to know what you’re spending, why you’re spending it, and whether you get good value on your terms (I can help with this).
So, who’s for a cocktail?
I hope my guide to claiming networking expenses has helped you feel more confident, informed and empowered to understanding what you can claim as tax relief.
If you need support understanding networking expenses and what you can claim as tax-deductible in your business, limited companies, get in touch.
If you would love to do your tax return in a cabin in the woods, surrounded by bird song, only 5 minutes from the London Underground, have a look at the Tick Off Your Tax Return retreat.
If you need an easy to understand basics tax return course in normal English with a sense of humour, have a look at the How To Do Your Tax Return course.
Try my free resources and download an expenses spreadsheet.