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

[elsparko]

Earn a bit more and it may be 40%!

maybe next year

 

[123]

@elsparko what exactly where you expecting?

I'm a little surprised the employed guys can claim back on tools etc, I thought that was a self employed thing only. Typical HMRC, it's all kept hidden away, I know plenty of guys on the cards that will have no idea about this at all.

 

[elsparko]

@elsparko what exactly where you expecting?

I'm a little surprised the employed guys can claim back on tools etc, I thought that was a self employed thing only. Typical HMRC, it's all kept hidden away, I know plenty of guys on the cards that will have no idea about this at all.

exactly, ive heard various things on sites and even reading up its a bit confusing

 

[DJ Ovengloves]

Not quite...every business expense as approved by the HMRC guidelines.

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

 

[Octopus]

Thats what an Accountant is for ............. saving you money .......

 

[elsparko]

Thats what an Accountant is for ............. saving you money .......

im not sure i make enough money to justify an accountant lol

 

[Octopus]

im not sure i make enough money to justify an accountant lol

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.........

 

[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

 

[Octopus]

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

The company auditors or accountants should have tipped off HMRC .....

 

[elsparko]

The company auditors or accountants should have tipped off HMRC .....

would the let me keep the aston martin if i grass him in?

 

[HandySparks]

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

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

 

[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.

 

[HandySparks]

Vehicles that cost over £50,000 are treated as capital expenditure....

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

 

[Deleted member 26818]

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

Because Elsparko mentioned his MD used to sell his company Supercars to himself.

 

[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........

 

[Midwest]

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.

 

[westward10]

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.

 

[elsparko]

Because Elsparko mentioned his MD used to sell his company Supercars to himself.

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

 

[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.

 

[HandySparks]

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

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