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Simplified Expenses

[ˈsɪmplɪfaɪd ɪksˈpɛnsɪz]



Simplified Expenses allow businesses to calculate expenses using flat rates, instead of keeping receipts and then calculating exact business costs.

More detail:

Simplified Expenses allow business expenses to be calculated with Flat Rates instead of working out exact business costs.

Simplified Expenses can be used by Sole Traders or business Partnerships with no companies as partners.

Flat Rates can be used for working from home expenses, living in business premises expenses, and expenses associated with the business costs of some vehicles.

Records of relevant information must be kept and then at the end of the Tax Year, the value of each expense can be calculated using the current Flat Rates. Then, these expenses can be claimed when filing a Self Assessment.

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