ACCOUNTANT EXPLAINS: TOP 4 Tax Write Offs for Businesses (Pay Less Tax)

In this video, I talk through:

- What HMRC means by 'allowable expenses' (or tax deductible expenses)
- How sole traders and companies are taxed in the UK
- 4 everyday expenses that sole traders and companies can deduct against revenue to reduce their tax bill. I explain HMRC's rules on capital expenditure, capital allowances and more. I also tell you the rules for writing off the cost of an electric car i.e. a Tesla, against business income, and the benefit in kind rules.

TIMESTAMPS:
00:00 - Introduction
00:33 - What is a tax write off
01:55 - Capex
04:10 - Electric cars
06:16 - Working from home
08:40 - Miscellaneous expenses

WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.

MY FILMING GEAR:

DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.

As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.

[EtonieE]

Good Lord she has 10 years in accounting but looks like my 18 year old daughter!! Well done young lady as when you’re 50 you’ll look 30! 🤣👍

[Darren]

Great video with clear explanations.

As a sole trader, could i purchase a garden office for business use and put that through as an expense? Approx £10k - £12k

Thanks again

[AmanpreetChopra-ue]

Hi, do you provide tax planning advise to salaried Individuals please? If yes, please advise how can I get in touch. Thanks! Amanpreet Singh

[bgate]

Read - taxotopia, explains the in and outs about how the Rich avoid taxes

[bhushanshelar]

you are just continiously speaking use animations speak in short and slowly add details to it just bombardment of info no one can ever understand this video in one go really

[Freebird]

Don’t forget IR35 if you have some one work for you need a video on this please

[nurullahbaran]

Thanks for your advice... I do buy to let and get SPV Mortgages.. can you do a program on ways we can save on tax please...

[riaj_online]

Is salary sacrifice a viable option for a director to get a "company" car while saving the company money and lowering their own tax liabilities?

[jawadali]

Very knowledgeable person thank you so much 😊

[OtocinclusAffinis]

As a food photographer when I shoot I need props (plates, napkins, spoons etc.) and food ingredients to prepare the food. How those would be classified? Bear in mind it can be a shoot for a job or a portfolio.
I would really appreciate your answer or a hint at which paragraphs I should be looking at.

[HarunKhan-kgzr]

Yes you write off full cost of an electric car but will devalue faster then it charges lol

[tmkhan]

Hi Kiran, what about Hybrid cars with low CO2 emissions, how do you treat their purchase and BIK if you are LTD co.

[bdcalling]

If you claim tax relief working from home would part of your property be subject capital gains tax when you sell it at a later

[thesos]

Hello Kiran, are ULEZ scrappage grants taxable income for a sole trader ?

[abumaalik]

Why is yt recommending me all these Indian girls what are accountants. And it seems like they all learned from Ali abdaal.

[qamarzaman]

Electric car at 50k..
tax Deduction of 12.5k
Is there a similar VAT deduction of 20%, so another 10k?

[emadmouter]

Thank you, helpful information, subscribed

[em]

Hey Kiran, I’m interested in doing accounting, would you start with the Aca, aat or go to university for an accounting degree, thankyou

[Qwertyuiopasdfghjklzxcvbnm]

Do you know if the £26/week can be paid as a lump sum, or does it have to be per week/month?

[xxxged]

If I buy a second hand electric vehicle. Will I get full tax relief on it . I paid £30k will the full 30 k come of the tax year . I’m a ltd trading company