What can I claim back when I complete my Self Accessment?
First time self employed, and have had to spend approx £700 on a petrol saw and diamond blades for my new job. I have also have spent approx at least £200 on petrol to run it. There is alot more outlay such as work boots, ppe, hand tools etc. I was told on starting that I could claim this back, but now I’m not sure and starting to worry. Can anyone help
You will lose out if you don’t use an Accountant at least for the first year of trading! You don’t actually claim anything back, you just allow the cost against your taxes. To make it easy, when doing your books you need to have columns headed: Motor & Fuel, Printing Stationery & Advertising (PSA), Materials & Tools, Revenue & Customs, Sub-contractors, Banking (bank charges etc), and finally a column for Other (anything that doesn’t fall into one of the other categories). Then you can write the amount you spend under the appropriate heading and keep the matching receipt or invoice in a file. All these things can be allowed against your tax, assuming that they are directly associated with your business. You can also allow a certain amount for work clothes. And if you work from home there is another allowance that you can claim for this. You really need to get an Accountant to help you with this. If you keep accurate books then an Accountant won’t charge as much to do your annual return for you, and he will probably save you more than his fee.
Donning PPE at the Exxon Valdez Oil Spill Cleanup Red Bag Area in Valdez Alaska 1989
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