[flæt reɪt ɪksˈpɛnsɪz]
Flat Rate Expenses are a fixed amount of money that certain individuals can claim back as a tax relief. This is done via the Self Assessment.
Flat Rate Expenses are a predetermined amount of money that can be claimed as a tax relief. Flat Rate Expenses may exclude the requirement for detailed receipts or records.
They are beneficial as they can sometimes reduce the administrative burden of keeping records and can sometimes lead to better tax-reliefs than standard expenses. This means individuals can be more Tax-efficient.
Self-employed individuals or Sole Traders can claim for things like the business costs of cars and associated costs of working from home. These Flat Rate Expenses can be addressed when filing your Self Assessment.
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