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

[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

 

[Deleted member 26818]

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

 

[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

 

[Deleted member 26818]

You get back 20% (or whatever tax rate you are on) of the cost.

 

[elsparko]

You get back 20% (or whatever tax rate you are on) of the cost.

that seems pretty poor return, or do i claim the full cost over several years? this is why i havent bothered before.

 

[Deleted member 26818]

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.

 

[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]

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.

 

[elsparko]

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

 

[elsparko]

you only get the tax relief. you can't seriously expect hmrc to pay for your tools.

why not? they expect me to give them 20% of my earnings

 

[telectrix]

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.

 

[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.

 

[123]

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

 

[Deleted member 26818]

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

 

[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.

 

[telectrix]

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

it'sdifferent for politicians.they claim all that back as "expenses". and don'tforget the £400/roll wallpaper.

 

[Octopus]

My advice to you is ring HMRC and ask them. They don't bite!

 

[mhar]

They bit me

 

[elsparko]

i guess ill just have to take my 20% back and be happy, bloody legalized extortion!

 

[Octopus]

i guess ill just have to take my 20% back and be happy, bloody legalized extortion!

Earn a bit more and it may be 40%!