Sole trader, tax return, claimable?

[ajs]

First year as a sole trader and first tax return. Just looking for some advice on what kinds of things can be 'claimed' ?

*Food receipts (work out of town a lot)?
*Fuel receipts for Van?
*Stationary for book keeping etc?
*Tool receipts?
*Parking receipts?

Really don't have a clue what i'm doing with it but would like to learn so as to avoid the need for an accountant in the future.

 

[Johno]

Sorry not gonna give the answer you want. I would personally reccommend using an accountant, I am a sole trader and my accountants fees are about £200-£250 a year and he has claimed for things that I would never had thought about and saved money, aswell as aggro. Also, I am lead to believe that if ever the tax man comes knocking you will regret the day you chose to do it yourself.

 

[ajs]

Ok fair comment. So in your case is it just a matter of keeping all receipts/documents of everything to do with 'the business' and then handing it to the accountant and he decides what can and can't be claimed?

 

[Johno]

Yep, I just get a tesco value folder full of platic wallets.

1. van, diesel , mot, ins,bla bla
2. liability ins
3.part p
4.mobile
5.clothes, shoes, tools
then I have a separate wallet for every months materials

and then of course an HONEST record of all the money I have recieved.

 

[Johno]

and my accountant has added use of my house, sundries (whatever that is) + a few other things. but i reckon the biggest plus to having an accountant is that it (apparantly) makes it harder for the taxman to catch you out, and time saved on doing tax returns. and now any time my accountant needs any electrical work he uses me, and has reccommended me to friends