If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.
Example
Your turnover is £40,000, and you claim £10,000 in allowable expenses. You only pay tax on the remaining £30,000 - known as your taxable profit
office costs, e.g. stationery or phone bills
travel costs, e.g. fuel, parking, train or bus fares
clothing expenses, e.g. uniforms
staff costs, e.g. salaries or subcontractor costs
things you buy to sell on, e.g. stock or raw materials
financial costs, e.g. insurance or bank charges
costs of your business premises, e.g. heating, lighting, business rates
advertising or marketing, e.g. website costs