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Banking fees

Allowable Expense?

Risk level?

Allowable 🟢
Low risk 😃

Summary

You can expense up to £500 in fees or interest you paid to your bank in running your business. Most sole traders are unlikely to go above this allowance.

Detail

If your bank fees are significantly higher than £500, it may be worth moving away from cash based accounting (the way earnr does things) and onto the more complex accruals basis.

That said, it's unlikely that many sole traders, and particularly side hustlers, would see fees over that level.

These expenses might be relevant too

Website
The various costs that are incurred when you set up and run a website for your business can be claimed as expenses (e.g., hosting costs and domain name costs).
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Allowable?
Risk level?
Allowable 🟢
Low risk 😃
Utilities
If you have separate business premises, you can claim the full cost of utilities for that space. If you work from home, you may expense a portion of your bills.
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Allowable?
Risk level?
Possibly 🟡
Low risk 😃
Travel
Expenses you incur when you travel for business can normally be expensed if you're a sole trader. This does not include costs of travel between home and work.
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Allowable?
Risk level?
Allowable 🟢
Low risk 😃
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