firt online tax return. need help what i can claim against

Found 16th Jan
hi I've just been reminded I've got to the end of the month to complete my self assessment tax return. I have the figures or income and outgoings but other than outgoings I have no idea what else I can claim for. gov website is a bit tricky for me to understand I'm a bench joinery/carpenter so I have tools already, van, work from home in my workshop use a room for computer. but have no idea how I witless out the amounts I can claim.

any websites or guidance is much appreciated

12 Comments

Have you got receipts for everything?

Overalls if you wear them, you can claim for expenses to do with your van for the part of it that is used for business whether that's 100% or 50% such as fuel, mot, road tax, service and repairs etc... you may be able to claim capital expenses also for your van. Stationary including envelopes, paper, ink and stamps etc... Business use of your home and mobile phones. Any advertising you pay for maybe leaflets or on Yell. Accounting services used. Banking fees but not charges. Anything really to do with your business but if it's partly for personal use then you have to proportion it.

superjules is spot on. anything you need to pay for for work related purposes you can claim for. if you own the work van you can claim car depreciation for the miles you put on it for work you can claim food if your working full days. certain other things count depending on your job for example you can claim your razor blades if you need to be clean shaven for appearence on jobs. but the best thing to do if your unsure is find an accountant because you can claim back accountancy fees. hope this helped

pc laptop printers phones fuel most things you buy through the business clothes btw , use your business acct card to pay for everything that way you'll have it all on 1 statement , are you VAT registered ? if so the vat youll claim back ends up paying other tax bills

Banned

You can claim for:
Tools you bought & the depreciation of the tools you have
Your computer & printer & ink
Van depreciation & all repairs
Petrol/diesel
Electric & Gas & rental to power your workshop.
Electric & Gas & rental to heat a room of your house where you work doing admin.
Mobile, landline & broadband. (if used for business)
Advertising / Printing
Insurance
Washing & replacing workwear
And if you have a partner that helps you that doesnt work elsewhere or is below the tax threshold in their own right then you can deduct a wage for the too.

& that is just for starters. The list is endless.

You should get an accountant who will work your books out for you. Which again is tax deductible & should be around £300ish.



Edited by: "YouDontWantToKnow" 16th Jan

I can't help with your question I'm afraid, but just to make you aware. Be careful if you receive an email stating you are entitled to a tax rebate (it might seem legit and from the correct people), but a lot of people have been tricked into entering their details and it is a complete scam, Just make sure, by calling them (with a number you find yourself, not from the email) that the email is actually from them. I've heard of quite a few people who have been tricked by this. Good Luck
Edited by: "shywallflower" 16th Jan

Alot of people stating that you can claim depreciation....this is not true. You claim capital allowances not depreciation when it comes to the tax return. If you are confused by either the system or any of the above then it would probably be worth engaging an accountant, we don't bite and our fees are deductable expenditure x

Hi Tovtm
Have you already registered to submit your tax return online? This may take a couple of weeks alone.
I would seriously consider paying a professional to submit your return for you, yes you might pay for the extra time incurred depending on what information you have, but better have it done right first time around.
If you miss the deadline you will instantly face a fine.

If you are a sole trader you will be able to get an accountant to do it for £100 to £150.

I pay £100.

Might be worth it for you.

Keep it simple.

If you've bought any tools and have receipts then that is a legitimate expense.
If you have a Van which you own and use for work then claim 45p mileage for the first 10,000 miles 25p per mile for any additional miles. This way you encapsulate, purchase, maintenance, depreciation, insurance and running costs.
Any phone costs, then a realistic percentage of your annual mobile bill. I would be tend to 'take the hit' on any landline costs, because of the business implications to your home.
Be wary about claiming any allowance associated with your home such as use of work shop or rooms as this might affect the status of your house if you sell it in the future. Any gains you make on your house could be clawed back by way of Capital Gains tax as you have claimed allowances for business use. If you have gained planning permission to use part of your property for business use then you will already fall into that net - but I doubt you have!
So, if you wash your overalls at home don't claim for it as you risk business use of your house. If you wash them in the laundrette then 'claim away' - providing you have a receipt.
Any tradesman insurances and public liability cover should be claimed as well as any fees associated with trade membership or commissions to third parties that charge you for finding work.
Any signwriting or advertising costs are also claimable.


Edited by: "Dumbstruck" 16th Jan

Original Poster

thank you. yes I'm registered just forgot to do the tax return up to this point. that's made it a bit clearer for me. what about tools I use that I purchased before starting on my own e.g tools I don't have receipts for is it a percentage I can claim?

I am a sole trader.

what about tools I use that I purchased before starting on my own e.g tools I don't have receipts for is it a percentage I can claim?


I don't know your exact circumstances, but I'm guessing no. If you were employed prior to becoming a sole trader you would have had an option to make an annual 'fixed' claim for tools and overalls whilst working for that company - you can't claim twice for the same outlay!
For the future you might want to spend 5 minutes a day updating a spreadsheet with income and expenditure, reference everything numerically (number each receipt and Invoice) and filing away income and expenditure records. Sometimes you won't have a physical receipt, but credit card or bank statements which identify the transactions will be enough to satisfy HMRC. Investigations aren't common, but sole traders are a target, especially if they appear to be surviving on 'no income'.
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