Good evening everyone,
I intend to become a sole trader (side hustle) soon but before that, I would like to educate myself in taxes, the company running cost etc.
For the reason that I am here.
First and for most, I have to purchase my own car. The questions are:
1. What exactly can I claim from car running costs? I would use it solely for business trips to clients no more than 12000 miles per year
I heard something that I could claim business mileage and fuel costs. If yes what is the best practice to do that?
How can I prove in the best possible way that I have done such and such business meeting milage during the year?
Could I claim the purchase cost of the used car as a sole trader?
If yes how can I do that?
2. Is better to lease the necessary equipment or just owned it? What can I claim?
Last but not least, what insurance companies do you recommend for a sole trader who has to buy public liability insurance, Professional Indemnity Insurance?
3.Last one, What practices do you recommend to improve company Cashflow Policy?
Thank you for your time and consideration.
I am looking forward to hearing from you.
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