There are a number of day-to-day running costs associated with owning a business, but did you know if you’re self-employed you can deduct some of these costs if they are considered allowable expenses? Once these costs have been deducted, you can work out your taxable profit. For example, if you turn over £50,000 each year and you claim £15,000 in allowable expenses you will only pay tax on the £35,000 that remains. This is what people […]