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Tax return
Former Member
Posts: 1,876,323 The Mix Honorary Guru
in Work & Study
Ok I doubt anyone will even look at this topic, its soooo boring, but I still need information and Ive looked all over the internet; its evading me like an 8 year old at bath time.
Basically Im self employed and want to get as much allowances on my tax return as possible but Im not sure what I can claim and how much. I know the basics like clothing and tools maybe alittle fuel, but Im hoping a pro can help.
Basically Im self employed and want to get as much allowances on my tax return as possible but Im not sure what I can claim and how much. I know the basics like clothing and tools maybe alittle fuel, but Im hoping a pro can help.
0
Comments
Fuel expenses are a bit different - you can either claim under the fixed rate mileage scheme, where you claim a set rate per mile which incorporates petrol, wear and tear and MOT etc, or you can claim the actual expense incurred. If you use for car for domestic purposes to you need to work out the percentage split between business and domestic and apply to to the total.
You don't have to submit the receipts / proof with your tax return but bear in mind, should you be investigated at any point in the following six years you will need to be able to back up what you entered on your return.
If your annual turnover exceeds 15k you need to analyse your expenses, but if it's less than 15k you just lump them all in together (turnover - expenses = profit/loss)
Don't forget to include the tax already deducted on your CIS25's (if you do subcontracting) on the self employment page.
I know the tax man uses a formular and if your rebate seems alittle high at the end of the year he's more likely to kick up a fuss i.e investergate me. Ive got most of my fuel reciets but basically I want to know how much I can claim on allowances without the tax man investergating me, everything about me is sound but I was investergated 2 years ago because I misplaced a decimal point, or some mojo, takes forever and sucks big time.