Home Based

Home Based

Once you have established that you are running a business and not just a hobby, keeping good records is a legal requirement.

You may use many small ongoing consumable items. The individual amounts may be small but they will soon add up so recording all of your expenses is important.

Understanding how your business is going, numbers wise, is important to your success. It also provides you with documented support of your business income and expenses if you need to get a loan or to get better terms from your suppliers.

Examples of expenses you may be able to claim are:

  • Motor Vehicle Expenses
  • Marketing
  • Packaging and Delivery
  • Tools
  • Phone and Internet
  • Safety Equipment
  • Insurance
  • Licences

For a comprehensive list of deductible expenses

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You don't need to be a tax professional to successfully use Solo Accounts. Sole Traders from all of these industries are happily using this software by "keeping it simple". Click image to find out more.

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