Slight confusion on what I am able to claim back

[Amp David]

Depends if you're self employed or employed though.

 

[HandySparks]

Depends if you're self employed or employed though.

If that's for me, self-employed.

 

[Deleted member 26818]

Hi Spin,
That's a good whack for laundry. I think I only claimed £0.50 or £1.00 per week on my last SA for laundry. Is this figure recommended anywhere or just what you thought reasonable?

It's the actual cost of a service wash at my local Launderette.
When I was working at the O2, I was talking to another Agency chap who was being paid through an Umbrella company, they allowed £20 a week.

 

[GT1]

I think what the OP needs to be clear with is that what people are talking about when they talk about "claiming back"... is that you are claiming things back against your income tax on your earnings only..

So unless your earning enough... you wont be claiming back anything....!

So if youve spent £5000 on setting up the business, you may be able to claim some of that back, against the income tax on your earnings....
Remember, what your aiming to do is reduce your income tax liability.

Dont get confused with VAT liability. Thats a completely different kettle of fish and probably best ignored in the early years, unless your invoicing lots to commercial organisations and charging them VAT.

 

[Validis]

Thanks for all the advice guys. It's been invaluable knowledge for me! Turns out, after all, I don't even need to do a Self Assessment at the moment, since I have only been self-employed since April 2011. I wasn't aware that the Jan 31st deadline was for the Year 2010-2011! I take it that means I will be doing my self assessment in April then?

 

[Octopus]

Thanks for all the advice guys. It's been invaluable knowledge for me! Turns out, after all, I don't even need to do a Self Assessment at the moment, since I have only been self-employed since April 2011. I wasn't aware that the Jan 31st deadline was for the Year 2010-2011! I take it that means I will be doing my self assessment in April then?

Yes, the deadline coming up if for the tax year ending in 4th April 2011 (why can't they make it easier by simply using the 31st Mar.

I'd definitely recommend getting an accountant, locally if possible so they are part of your "network".

Remember - yes you'll have to pay them but on the day you're paying them, you can be out working.

 

[Andy 7671]

Umm...I trust you have your UTR number to open HMRC gateway.

If you use a payrollcompany..Sterling Gabem etc you can claim that as well.

If you are looking at getting a mortgage or loan in future get an accountant as they want certified accounts, otherwise its fairly easy,

 

[Deleted member 26818]

Umm...I trust you have your UTR number to open HMRC gateway.

If you use a payrollcompany..Sterling Gabem etc you can claim that as well.

If you are looking at getting a mortgage or loan in future get an accountant as they want certified accounts, otherwise its fairly easy,

You can't really claim for such fees, as they are levied before tax is deducted, and would not be considered as part of your income.

 

[Des 56]

Thanks for all the advice guys. It's been invaluable knowledge for me! Turns out, after all, I don't even need to do a Self Assessment at the moment, since I have only been self-employed since April 2011. I wasn't aware that the Jan 31st deadline was for the Year 2010-2011! I take it that means I will be doing my self assessment in April then?

I believe you have until October ish 2012 to do a paper return for the year April 2011 to April 2012
The January deadline is then 2013 for online assessments for 2011/2012

 

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