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Discuss can i re-claim the cost of some of my essential power tools? in the Electrical Forum area at ElectriciansForums.net

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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
 

spinlondon

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Yes.
Though you wouldn’t claim them as capitol allowances now, unless they cost more than £50,000
 
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elsparko

Yes.
Though you wouldn’t claim them as capitol allowances now, unless they cost more than £50,000
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
 

spinlondon

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You only get back what tax you have paid.
If something costs you £100 you list the £100 as an expense, you get back the tax you paid on the £100.
Capitol Allowance pools only kick in now at £50,000.
 
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elsparko

so for businesses that have bought a £100 paint scraper, they can only claim the 20% of that full cost?

i was under the impression that you got a full return on items that are needed for work
 

telectrix

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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

good job i never went mental and ordered the full powertool kit!
 

telectrix

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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.
 

spinlondon

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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.
 
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Electrician's Arms
Wasn't aware you could claim tax relief for tools etc when in full time employment?
 

spinlondon

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You can claim against any expense your employer doesn’t recompense you for.
 
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elsparko

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.
duck ponds, "erotic" material for MPs, 2nd houses etc.
 
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