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Yes, you can claim office rental and the costs of using a coworking space as a deductible business expense.
Download our Ultimate Expenses Guide
Download our Ultimate Expenses Guide
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Can I expense Parking?
You can claim parking costs as a deductible expense, as long as it is incurred wholly and exclusively for business purposes. Other allowable business travel expenses include tolls and congestion charges. You can't claim parking fines as a deductible expense.
Can I expense Training costs?
Professional development costs can be claimed as an allowable expense, as long as the course content directly relates to your trading activity.
Training courses that you attend to learn a new skill-which you can use to expand into a new industry or offer different services-aren't allowable, unless you can show that these courses are helping you build up on your existing skills or knowledge.
Limited company expenses & tax allowances guide
As a limited company director, you want to run your business in the most tax efficient way possible.
One way to achieve this is to claim for allowable business expenses correctly, so that you don't wind up having to pay more tax than you are legally obliged to.
It can be tricky figuring out what you can or cannot claim for, and this is where our guide comes into play.
We'll run through the different expenses you can claim for, but bear in mind that this isn't a definitive guide. Do check out our resource hub on limited company tax topics for more information, or consult our specialist accountants at Forma if you need personalised advice.
Can I expense childcare?
As a sole trader, you can't claim childcare costs as a deductible business expense. However, you can claim tax relief through the tax-free childcare scheme.
As a limited company director, you can't claim childcare costs as a deductible business expense. However, you can claim tax relief through the childcare voucher scheme or tax-free childcare scheme.
How to stop holding meetings in cafes without renting an office
If you're just starting a business, meeting with clients can be tough. Chances are you don't have the luxury of a company-owned conference room that offers a natural spot to engage and be productive.
As a result, many freelancers and entrepreneurs branch out to coffee shops.
But is that really a better choice? Places like Starbucks and Costa tend to be crowded, causing you to fight for a spot-and even when you find one, the lack of privacy can make it difficult to hold a substantial conversation.
That matters, whether you're trying to meet with clients, interview potential new employees, or engage in any other formal business meeting. You might even get a coffee for free but everything else, though, tends to be difficult to manage.
Fortunately, that's not your only option. With the right planning process in place, you can find more professional and productive places to hold business meetings that don't require you to rent office space long-term.
Consider these six alternatives for your plans instead.
Self employed expenses & tax allowances guide
Allowable business expenses are costs that you can claim as a deduction against your revenue, which reduces the amount of tax you need to pay.
Here's an example: if your revenue is £35,000 and your allowable expenses total at £5,000, you'll just be taxed on £30,000.
The rules surrounding allowable business expenses aren't always straightforward, and this is where our guide comes into play.
In this article we will run through the most common expenses that sole trader businesses claim for, along with tips you can implement to ensure that you are keeping proper records.
Bear in mind that this isn't a definitive guide, so if you need personalised advice, it's best to consult our accountants atForma.
What is a Virtual Office: 7 Things to Know Before Buying
Let's start with one of the most important elements of a Virtual Office: location.
For a low cost, you can use a professional address for your companies house registration, website, business cards and Google My Business location.
A good, central address in a professional office can really provide an edge and make it look like you have a real office but in reality you'll be working from home (or the beach).
Google My Business is a great way to boost your website SEO and get your business found in search results so you'll want to factor this into what people see when they search for your business.
Today, the Google My Business "card" features in search results in 93% of searches today.
When you Google a business name, you've probably become accustomed to seeing the company card on the right of the search result which provides an accessible way to find a phone number, website and address for the business (as well as products/ services and offers).
One critical thing users can see with your business address is the exterior of your "office".
Here's an example of how Mail Boxes Etc. looks at it's Covent Garden location:
If anyone searches for you on and you've set up a Google My Business profile then they'll see your Mail Boxes Etc Professional Office.
Other providers offer "Premium" central London business addresses but in reality the exterior is... awful.
Here's the exterior of one particularly popular cheap London address.
That literally pops up for anyone searching for businesses registered at that location.
It's important to find a good price point for a professional address that represents your business but doesn't break the bank.
Here's how our address looks for only £25 a month:
At the end of the day, we're proud of our location, and we want you to be proud of yours too.
Can I expense Pensions?
As a sole trader, you can't claim pension contributions as a deductible expense. However, you can get personal tax relief from contributions you make into your pension scheme.
If you're a limited company director, you have the option of making pension contributions through your company. This will reduce your company's profits, and as such reduce the amount of corporation tax your company pays.