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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
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Deleted member 26818
Yes.
Though you wouldn’t claim them as capitol allowances now, unless they cost more than £50,000
Though you wouldn’t claim them as capitol allowances now, unless they cost more than £50,000
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elsparko
do i get the full amount back or just a percentage? bloody hmrc have been taxing me and i havent even hit the tax bracket yet
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Deleted member 26818
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elsparko
that seems pretty poor return, or do i claim the full cost over several years? this is why i havent bothered before.
- Sep 5, 2010
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you only get the tax relief. you can't seriously expect hmrc to buy f your tools for you. else we'd all be on free Milwaulkees.
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elsparko
- Sep 5, 2010
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and look a the wonderful use your tax is put to..
MPs, House of Lords, Judges, Civil Servants, along with a bit being spent on useful things, like armed forces,police,NHS.
MPs, House of Lords, Judges, Civil Servants, along with a bit being spent on useful things, like armed forces,police,NHS.
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Deleted member 26818
HMRC doesn’t pay for anyones’ tools.
It taxes people and companies on their profits.
Profit is income less expenses.
All you are doing is telling HMRC that you earned however much less than they think you did.
So you want your declared profit adjusted and any excess tax paid to be refunded.
They also have an option for you to donate your tax rebate to charity.
It taxes people and companies on their profits.
Profit is income less expenses.
All you are doing is telling HMRC that you earned however much less than they think you did.
So you want your declared profit adjusted and any excess tax paid to be refunded.
They also have an option for you to donate your tax rebate to charity.
- Dec 26, 2012
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Deleted member 26818
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elsparko
duck ponds, "erotic" material for MPs, 2nd houses etc.
- Sep 5, 2010
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it'sdifferent for politicians.they claim all that back as "expenses". and don'tforget the £400/roll wallpaper.
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elsparko
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Octopus
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elsparko
- Dec 26, 2012
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DJ Ovengloves
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Octopus
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elsparko
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Octopus
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.........
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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
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Octopus
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elsparko
- Jul 22, 2011
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You may have to show that: "the amount is incurred wholly, exclusively and necessarily in the performance of the duties of the employment".
The HMRC rules are a little stricter on employed expenses than on self-employed people.
Work expenses - http://taxaid.org.uk/guides/taxpayers/tax-for-employees/work-expenses
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Deleted member 26818
Vehicles that cost over £50,000 are treated as capital expenditure.
In the first year, you can claim 25% of the purchase price as an expense, there after (I believe) it’s 10% of the remainder each year, until the vehicle is either disposed of or written off.
HMRC have a schedule of rates for depreciation of vehicles.
As long as a vehicle is sold for about what HMRC say it should have depreciated to, there should be no problem.
A £50 grand car that has depreciated to £25 grand, has to be sold for about £25 grand.
If it’s sold for more, it’s a profit, if sold for less, it’s a loss.
After a certain amount of years, a vehicle depreciates to zero and is written off.
The same rules apply to other plant and machinery.
Here’s a list of some of the things that can be claimed by either self employed or employees.
Tools,
PPE,
Work clothing,
Laundry costs of work clothing,
Travel to work somewhere other than your normal place of work,
Subsistence when working somewhere other than your normal place of work,
Accommodation when working away from your normal place of work.
This list is not exhaustive.
HMRC has set Benchmark rates for most of the above, which means they can be claimed without having to produce receipts.
In the first year, you can claim 25% of the purchase price as an expense, there after (I believe) it’s 10% of the remainder each year, until the vehicle is either disposed of or written off.
HMRC have a schedule of rates for depreciation of vehicles.
As long as a vehicle is sold for about what HMRC say it should have depreciated to, there should be no problem.
A £50 grand car that has depreciated to £25 grand, has to be sold for about £25 grand.
If it’s sold for more, it’s a profit, if sold for less, it’s a loss.
After a certain amount of years, a vehicle depreciates to zero and is written off.
The same rules apply to other plant and machinery.
Here’s a list of some of the things that can be claimed by either self employed or employees.
Tools,
PPE,
Work clothing,
Laundry costs of work clothing,
Travel to work somewhere other than your normal place of work,
Subsistence when working somewhere other than your normal place of work,
Accommodation when working away from your normal place of work.
This list is not exhaustive.
HMRC has set Benchmark rates for most of the above, which means they can be claimed without having to produce receipts.
- Jul 22, 2011
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- If you're a qualified, trainee, or retired electrician - Which country is it that your work will be / is / was aimed at?
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- Neish Electrical Services
I don't know why you're bringing up the subject of vehicles. As an employee, the OP can't claim capital allowance on vehicles:
Tax relief for employees: Buying other equipment - GOV.UK - https://www.gov.uk/tax-relief-for-employees/buying-other-equipment
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Deleted member 26818
Because Elsparko mentioned his MD used to sell his company Supercars to himself.
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Squid
I claimed for a Christmas Tree once as a legitimate business expense, if I can claim for that then you can claim for tools........
- Mar 21, 2011
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When I was on paye, I didn't fill out any tax forms for donkeys. Some colleague said you can claim for some spurious thing for being part of some organisation. Got back about £90 in tax relief.
For the next 5 years hmrc made me complete some poxy tax form. Quite frankly it wasn't worth the £90.
For the next 5 years hmrc made me complete some poxy tax form. Quite frankly it wasn't worth the £90.
- Jul 15, 2016
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I suspect they were lease vehicles and they offered him a good deal to buy it at the end of the term. My boss leased a Golf R and they said he could purchase it for £17k after three years last year. He offered the deal to me, I said no what a mug.
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elsparko
was actually a client who sold himself the cars after purchasing through the company when we did jobs for some ROV repair place
he either must have an amazing accountant or is breaking the law given the responses on here lol
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Squid
Before the standard rates came in for sparks form my peers said you'd get paid extra for working at height so of course you left your tools at height so the next day you had to collect them, there is a way around things you just have to be smart enough not to be caught.
- Jul 22, 2011
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