can i re-claim the cost of some of my essential power tools?

[elsparko]

can i as an employee still fill out a self assessment and claim capital allowances on tools ive bought? spent about 1600 this year on various tools

 

[telectrix]

duck ponds, "erotic" material for MPs, 2nd houses etc.

it'sdifferent for politicians.they claim all that back as "expenses". and don'tforget the £400/roll wallpaper.

 

[Octopus]

My advice to you is ring HMRC and ask them. They don't bite!

 

[mhar]

They bit me

 

[elsparko]

i guess ill just have to take my 20% back and be happy, bloody legalized extortion!

 

[Octopus]

i guess ill just have to take my 20% back and be happy, bloody legalized extortion!

Earn a bit more and it may be 40%!

 

[elsparko]

Earn a bit more and it may be 40%!

maybe next year

 

[123]

@elsparko what exactly where you expecting?

I'm a little surprised the employed guys can claim back on tools etc, I thought that was a self employed thing only. Typical HMRC, it's all kept hidden away, I know plenty of guys on the cards that will have no idea about this at all.

 

[elsparko]

@elsparko what exactly where you expecting?

I'm a little surprised the employed guys can claim back on tools etc, I thought that was a self employed thing only. Typical HMRC, it's all kept hidden away, I know plenty of guys on the cards that will have no idea about this at all.

exactly, ive heard various things on sites and even reading up its a bit confusing

 

[DJ Ovengloves]

Not quite...every business expense as approved by the HMRC guidelines.

You can claim against any expense your employer doesn’t recompense you for.

 

[Octopus]

Thats what an Accountant is for ............. saving you money .......

 

[elsparko]

Thats what an Accountant is for ............. saving you money .......

im not sure i make enough money to justify an accountant lol

 

[Octopus]

im not sure i make enough money to justify an accountant lol

Hum .............. you re on here, not knowing what you can claim, so anybodies guess how much money you are "throwing" away.

My advice, find a local accountant, (there are loads) and let them sort if out for you ............. you need to keep ontop of your accounts, especially if you ever want to buy a property.........

 

[elsparko]

there was a MD that used to purchase new supercars every year under the company, he would then sell them to himself at a discount, he dealt with ROV,s though so a bit more money to play with

 

[Octopus]

there was a MD that used to purchase new supercars every year under the company, he would then sell them to himself at a discount, he dealt with ROV,s though so a bit more money to play with

The company auditors or accountants should have tipped off HMRC .....

 

[elsparko]

The company auditors or accountants should have tipped off HMRC .....

would the let me keep the aston martin if i grass him in?