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Tax Deductions

Term

A method of claiming tax relief for business expenditure, as long as the item is wholly and exclusively for your job, it can be claimed as tax relief.

Tax deductions can be applied to expenses in two ways:

Ensure you keep receipts to claim tax relief.

Tax relief can either be claimed through PAYE, so HMRC will change your tax code to adjust your earnings. You need to have not filled out a self assessment and be owed less than £2,500 if you want PAYE tax relief.

Tax relief can also be claimed via the Self Assessment and if you need to claim more than £2,500.

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