Tax rebate on tools and testing equipment

[ifindoubtdont]

I've just got into the self employed/self assessment loop. I don't know which way is up after reading so much bumph. HMRC site just takes you round in circles. Any pointers would be greatly appreciated. I shall be using Cash basis tax format. So does anyone know :- what I can claim for, how much I can claim and how far back I can claim it. I'm thinking of testers, clamp meters, power tools etc and a laptop and anything else you can think of. Thankyou all in advance.

 

[Leesparkykent]

IMO I would hand it all into an accountant and let them deal with it. It will cost you a couple of hundred quid and no headache. They know exactly what can and can't be claimed for example office space in your house, depreciation on vehicles etc. Any accountant should be able to get you back more money than their cost. Normally you don't even need to pay the accountant upfront either, they normally deduct their fee when your tax return money comes through.

 

[Taylortwocities]

:iagree:

 

[happydundee]

Anything you buy for your business, or you can show that is work related can be used to offset your tax liability.

As others have said get a Good Accountant. Ask other tradesmen you know to recommend a good accountant.

Keep reciepts for everything, if you work from home you can claim a percentage of your house costs against your tax liability.

If you are just starting out, you should be able to avoid any tax for a year or so.

 

[ifindoubtdont]

Thanks for the input everyone, I have taken the advice and contacted a local accountant to sort it for me, it's not going to cost as much as I expected. These are his words not mine "With any luck you might make a loss this year"

 

[Richard Burns]

Thanks for the input everyone, I have taken the advice and contacted a local accountant to sort it for me, it's not going to cost as much as I expected. These are his words not mine "With any luck you might make a loss this year"

I am really lucky then:rolleyes4:!