If you’re a childminder working as a Sole Trader in the UK, there are many things you can claim back as expenses for your business. Every penny you claim as an expense means less tax you have to pay at the end of the year when you come to file your Self Assessment with the HMRC. Here are 6 top tax tips for items and services you can claim back as expenses.
1. Kids food
Children are the pickiest of eaters and it is really hard to make them happy. A healthy diet is important, but giving them a treat or snack from time to time won’t hurt them either. Invest £2,000 into a combination of the two and put a smile on both the face of the kids, since they will enjoy their favorite snacks, and on yourself since you just saved £400 through tax.
2. House wear & tear
When kids have fun around the house, a mess is bound to happen. Having cleaning supplies close may be the difference between a juice spill on the carpet being a few wipes away from completely invisible and it becoming a permanent stain. With an investment of £500 in the correct cleaning supplies, not only will you prevent future costs but also save £100 in tax.
3. Art & craft materials
On a rainy day, when you cannot take the kids outside, arts & crafts is the perfect way to keep them busy and entertained, while also developing their skills. Unfortunately, crayons and paper get used up quite quickly, but this does not mean your budget will suffer. With £30 tax savings on every £150 spent, arts & crafts will always be a viable investment.
4. First Aid / Medicine
Scraped knees, bruises, and bumps go with kids like tea and biscuits. Even though they aren’t a large medical emergency, the psychological effect on a child when you treat his injury is significant. Having a first aid kit by your side all the time may cost you £80 per year, but the perceived benefits surpass the costs, and also don’t forget the £16 tax savings.
So, there you have it. 4 ways to save money every year on your taxes if you’re a UK Sole Trader. And to make keeping track of all your expenses even easier, 1Tap Receipts exports all of the key data from a simple photo of your receipt meaning you’ll never have to type out another receipt again when claiming back expenses.
