HMRC's Specific Tax Deductions: Use-of-home Examples is a super link for UK editorial freelancers who fill in their own self-assessment forms and want some guidance on what deductions they can include. This one-page guide gives seven examples, and one may well provide a solid outline for your own small business set-up.
The example of at number 4 is an almost perfect match for my own set-up, the only difference being that "Chris" writes the words while I check them for errors. If one of these examples fits your editorial business model, it's relatively simple to build a spreadsheet with the equivalent formulae embedded to suit your own needs.
Of course, you'll need to investigate what other professional expenses are tax deductible including professional membership, software, hardware, training, broadband usage, domain name fees, and mileage, but the above link is really useful for working out what fixed and variable deductions you can make that are related to the building you're working in.
SEARCH THE BLOG
Books for writers and editors
Online courses for editors and proofreaders
'Louise uses her expertise to hone a story until it's razor sharp, while still allowing the author’s voice to remain dominant.'
'I wholeheartedly recommend her services ... Just don’t hire her when I need her.'
J B Turner
'Sincere thanks for a beautiful and elegant piece of work. First class.'
'What makes her stand out and shine is her ability to immerse herself in your story.'
Help for editors
All text on this blog, The Parlour, and on the other pages of this website (unless indicated otherwise) is in copyright © 2011–20 Louise Harnby. Please do not copy or reproduce any of the content, in whole or part, in any form, unless you ask first.