Tax -what can I claim?

[gnuuser]

for my side business (computer repair) items such as cleaners, wipes,canned air, paper and office products are classed as consumable supplies, components are also consumable supplies.
insurance premiums, interest on loan payments, rental and lease payments If related to the business can be claimed also.
(an accountant can tell you more)
keeping receipts (and yes keeping them meticulously organised with quarterly reports helps)
your accountant will bless you for this it it could save you some money as well!
any business can and should do this!

also periodic inspection of your equipment. and documenting serial numbers (taking photos helps)
can often lower insurance rates

 

[Guest77]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

You will be HMRCs dream self employed man, they will love chasing you about, be prepared for many years of pain and discomfort.

 

[amckay]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

You will be HMRCs dream self employed man, they will love chasing you about, be prepared for many years of pain and discomfort.

Why's that? If they allow you to claim certain things then in anyone's eyes they should be claimed.
If they come knocking they'll be getting told where to go!

 

[Guest77]

Why's that? If they allow you to claim certain things then in anyone's eyes they should be claimed.
If they come knocking they'll be getting told where to go!

you have much to learn, they issue you with a 20k tax bill and you will have to prove you do not owe it to them, many many hours will be lost proving it and the stress will kill you, get an accountant and let him manage your accounts, it is far easier.

 

[marc8]

Got myself in a whole world of it about 8 years ago doing paperwork myself, late with filling out paperwork which HMRC fine you for every month, bailiff turned up for £ 700.00 which I paid, then 3 months later got phone call saying I owed £3500.00 still from the next year all because I thought I could do it myself.
Anyway all it was being late with CIS paperwork paid the stoppages on time but did not send the paperwork & they kept fining me £100 per month for each month that was late & each month so if you had 2 outstanding £200 per month. They went back 7 years for the non payments.
Now accountant does the whole lot & I pay monthly including insurance against investigations, this does not cover any monies owed & just covers the accountants time & office fees should you require them, also investigations aren't normally one day they can request information they want & then come back.
When I started up I moved money all over the shop as cash flow was not always good & they love that because you will never remember everything.
Good luck

 

[ontimeelectics]

From my time as a bookkeeper, any expense that is incurred to do your job is allowable. As for van, you can either do 45/50p per mile or claim expenses on your van in the ratio of personal to business use. If you do 75% business miles then you can claim 75% of all van costs. They like you to keep some figures.

 

[Octopus]

From my time as a bookkeeper, any expense that is incurred to do your job is allowable. As for van, you can either do 45/50p per mile or claim expenses on your van in the ratio of personal to business use. If you do 75% business miles then you can claim 75% of all van costs. They like you to keep some figures.

What ever you decide you have to maintain the same claiming process until you change your vehicle and yes if you are using a car/MPV and claiming a percentage of the mileage as "business" HMRC may well ask you for your mileage records - so my advice is keep a log

 

[stimpy]

I have to say that if you're just 'subbing' + simple materials your tax return will be very simple indeed - especially since self assessment went digital. A small amount of research and a visit to your local office will more than educate you enough for that set up.

I have done mine for twenty odd years. The last 10 i have run my own business as a sole trader managing income tax, subbies, etc. It's VAT that i couldn't be arsed with but luckily for me my mum offered to cover that so she in essence is my book keeper.

I must profess to having been fined in the earlier days and being caught out with tax bills. All of this however was my own fault for not remembering dates and not putting any money away!

It's when you start having multi type businesses, pensions, annuities, blah blah blah that it gets a bit more complicated, or if like lots of us you go limited.

It is highly likely that i will be going limited later this year. At that point i would handover all of these duties to an accountant - not because i don't think i can do the job well, just my brain can't be arsed to learn how or lose other information trying - :lol