can i re-claim the cost of some of my essential power tools?

[Midwest]

'the pict'
Why have you rated this 'old'?

I am some what confused how some give such ratings without actually posting, if you've got something to say, say it. That said the ratings on this 'new' site are a bit ambiguous.

 

[DPG]

I think it's probably 'small icon, fat finger' syndrome when using mobile phones to view the forum.

 

[alasdairp]

tax-relief-for-employees:

You can claim the full cost of tools (and other things), that you need to carry out your job and are you expected to supply, the year you buy them against your employment earnings. You will have to fill in a self-assessment form and maybe one set of supplementary sheets re your employed work. Often well worth the effort.

If you later sell an item you claimed annual investments allowance for then legally you need to report what money you got from the sale as extra (taxable) income. If you keep them for the original purpose then you can eventually just write them off as being valueless. So you should keep a list of what you buy and claim for each year.


Tax relief for employees: Buying other equipment - GOV.UK - https://www.gov.uk/tax-relief-for-employees/buying-other-equipment

9. Buying other equipment
In most cases you can claim tax relief on the full cost of substantial equipment you have to buy to do your work. This is because it qualifies for a type of capital allowance called annual investment allowance.
The annual investement allowanace is up to £200,000 per year since January 2016 - though the high limit is really for companies rather than employed people!

Claim in a different way for small items that’ll last less than 2 years, such as uniforms and tools.

You can’t claim capital allowances for cars, motorbikes or bicycles you use for work, but you may be able to claim for business mileage and fuel costs.