As a sole trader, you can claim certain business expenses which have been wholly and exclusively incurred in earning the profits of the business.
Expenses should be paid for directly from the business bank account, and should be submitted to us weekly or monthly via the Expenses Application in Connect to ensure we can account for them correctly.
To find out more about expenses and what can be claimed, please view our FREE Guide to Expenses.
Why claim expenses?
If you have incurred an expense wholly and exclusively in earning the profits of the business then these expenses are deductable for tax purposes thereby reducing the taxable profits of your business. This results in your Personal Tax bills reducing and it is therefore important you keep a track of and claim on business related expenses.
What can I claim? - business expenses
Most of the expenses that you incur in carrying on the trade of the business can be claimed against the profits, provided that they have been incurred wholly & exclusively. Brookson's Expenses Guidance, provides detailed information on what you can claim.
How to make a claim
To claim ‘business expenses’ you will need to complete an expense claim in Connect and submit it to Brookson. Once you submit your claim, we will review the expense details to ensure you only claim expenses you are entitled to.