Self Employed full/short 07 - Rent, rates, power and insurance costs

To watch a short YouTube clip on calculating your business expenses for rent, rates, power and insurance costs go to Rent, rates, power and insurance costs.

Include any:

• rent for business premises
• business and water rates
• light, heat, power costs
• property insurance
• security
• use of home as office, business proportion only

Do not include:

• costs of any non-business part of premises
• costs of buying business premises

If you work from home you should keep details of the time spent, how much electricity and gas, for example, has been used and the area of your home used for business. HMRC can accept reasonable estimates where it is minor use.

Note: If you claim the trading income allowance, you cannot also deduct allowable expenses or simplified expenses, do not enter an amount here.

For more information on the trading income allowance, go to Tax-free allowances on property and trading income.