Hair & Beauty Industry

Hairdressers and beauticians spend a gracious amount of time perfecting their skill to find the best hairdo or beauty regime for each customer. The idea of balancing books can seem boring in comparison, but failing to do so can topples finances greatly. By diligently keeping track of paperwork, and with some help us, your taxes won’t distract you away from your business and sap your creativity.

Why Use Dead Simple Accounting?

Dead Simple Accounting takes care of the end to end process of completing your self-assessment and filing them with HMRC. We balance out all the numbers, leaving you to focus on what’s important- your business. We can help you forecast ahead so that you can exceed your goals while avoiding risks and pitfalls. With HMRC compliant software, we are ready to make tax digital and file your corporation tax return absolutely hassle-free.

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What Expenses Can Hairdressers and Beauticians Claim?

Money that is spent on day to day business may be eligible to be written off against tax. This includes the cost of equipment, beauty products and the costs incurred from training and maintaining your skillset. Having this option means that it is possible to significantly reduce the tax that is owed by keeping an accurate record of any business outgoings and including the details on the self-assessment tax return.

Expenses that can be claimed include the following:

  • Travel Expenses
    • Any expenses incurred while traveling on the job, i.e the cost of fuel, public transport, tolls, and parking fees can be claimed at the end of the year if there is substantial proof.
  • Clothing
    • The cost of uniforms, gloves, and aprons, along with laundry costs for the same can be claimed as a business expense.
  • Marketing and Advertising
    • Allowable expenses include advertising on search engines, ads on social networking sites, and maintaining email contact lists. Offline advertising in trade magazines, local directories, postcards in your local shop, and any money spent on promoting your business can be claimed.
  • Accountant Fees
    • Accountant fees are deductible and can be claimed as expenses at the end of the year.
  • Professional Expenses
    • Fees or subscription costs for membership in professional bodies such as the National Hairdressers’ Federation or registration with an institute can be included as expenses as long as they are approved by the HMRC.
  • Other Costs
    • The costs of material, equipment, training, insurance, stationery, postage and other admin costs are all expenses that can be claimed as long as there is substantial paperwork as evidence.

Need Some Further Help?

If you have any further questions or would us to help with your tax needs, get in touch with us today.

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