Tax spreadsheet and allowable expenses for Locksmiths (UK sole traders)

These are common examples. A cost is allowable only if it is wholly and exclusively for your business, so check GOV.UK guidance on expenses if you are self-employed, or ask an accountant.

• Tools and key-cutting equipment may be allowable
• Stock such as locks may be allowable
• Van or mileage may be allowable
• Insurance may be allowable
• Training to update existing skills may be allowable
• Business share of phone may be allowable

• Not keeping stock purchase receipts for locks and keys.
• Leaving tool and key-cutting equipment receipts apart from job records.
• Mixing business and personal van or phone use in one record.
• Using both simplified mileage and actual vehicle costs for the same vehicle.

• Stock purchase invoices and receipts for locks, keys and related supplies.
• Purchase and maintenance receipts for tools and key-cutting equipment.
• Job sheets and invoices showing work completed for each customer.
• Mileage log with date, destination, purpose and distance.

Keep receipts, invoices and mileage details as you work, and record business and personal use separately where needed. Organised records make it easier to prepare your Self Assessment return.