Tax -what can I claim?

[amckay]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

 

[trev]

Electrical Trainee accountant? Could be a false economy mate.
In your position I'd go to see one, there could be something in your personal circumstances that we don't know which could mean that you can claim something I can't.
I'm an electrician, not an accountant.

 

[telectrix]

claim your van as capital allowance. it used to be 25% of it's value per annum. motor running costs can be done i 2 ways.

1. book everything you spend, fuel/repairs/road tax/insurance etc. or
2. book your annua lbusiness mileage with hmrc. they allow you approx. 40p/mile

 

[Octopus]

Are you employed? Self Employed? A sole Trader? A director of a limited company?

Which you are makes a difference!

 

[Pete999]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

Don't be a tight arse go and get an accountant, may save some dosh

 

[amckay]

Haha I knew you'd say summat like that trev.
Sole Trader

 

[trev]

The first and last bits were meant tongue in cheek mate, the middle bit was the advice.

 

[Octopus]

Haha I knew you'd say summat like that trev.
Sole Trader

Is this the first one you've done? if so you have until next January to submit it on line so it may well be worth consulting a local accountant. It shouldn't cost too much and getting it right is a good step forward.

 

[amckay]

Yeah I'm starting to sub for a local firm from Monday. Working all over so I've just bought an old van as I currently use a car, had to tax mot and insure it which has stung me a bit so was wondering if I could claim it back.
Can you claim road tax back? It'd be nice to be able to at £225 a year!!! Spending money on a holiday is that!

 

[northstar]

Yeah I'm starting to sub for a local firm from Monday. Working all over so I've just bought an old van as I currently use a car, had to tax mot and insure it which has stung me a bit so was wondering if I could claim it back.
Can you claim road tax back? It'd be nice to be able to at £225 a year!!! Spending money on a holiday is that!

Amckay what kind of jobs will you be covering, and how is your course going ?

 

[amckay]

null

Commercial industrial and domestic.
I'm gonna be on a social housing project for an old folks home in Liverpool til Xmas then over to stanlow oil refinery near chester after that.
Course was OK I'm waiting to hear about the 2394+5 written exams which will take up to 8weeks aparantly. Thanks for asking tho!!

 

[northstar]

at least you have your foot in the door working wise. how did you get on with anyone taking you on for testing experience?

 

[Octopus]

Yeah I'm starting to sub for a local firm from Monday. Working all over so I've just bought an old van as I currently use a car, had to tax mot and insure it which has stung me a bit so was wondering if I could claim it back.
Can you claim road tax back? It'd be nice to be able to at £225 a year!!! Spending money on a holiday is that!

I do think you would benefit from an accountant, some will give an hour free of charge.

 

[amckay]

at least you have your foot in the door working wise. how did you get on with anyone taking you on for testing experience?

Paul M offered to help with a job for him up in Leeds but I had a lot of work on so sadly couldn't do it. He seems like a nice genuine fella tho. I just practiced on my houses installation in the end

 

[northstar]

Paul M offered to help with a job for him up in Leeds but I had a lot of work on so sadly couldn't do it. He seems like a nice genuine fella tho. I just practiced on my houses installation in the end

went with Paul M on that job in leeds, definitely a good fella along with Phil. Could do with a fella like him in the Manchester area.

 

[gnuuser]

for my side business (computer repair) items such as cleaners, wipes,canned air, paper and office products are classed as consumable supplies, components are also consumable supplies.
insurance premiums, interest on loan payments, rental and lease payments If related to the business can be claimed also.
(an accountant can tell you more)
keeping receipts (and yes keeping them meticulously organised with quarterly reports helps)
your accountant will bless you for this it it could save you some money as well!
any business can and should do this!

also periodic inspection of your equipment. and documenting serial numbers (taking photos helps)
can often lower insurance rates

 

[Guest77]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

You will be HMRCs dream self employed man, they will love chasing you about, be prepared for many years of pain and discomfort.

 

[amckay]

What can I claim against on my income tax?
Specifically can I claim for motor insurance, tax and mot (and associated repairs)?
I'm pretty sure I can't claim for the cost of a van which I own but I can claim for one that I lease? Is that right?
My missus is a house wife and stays at home to rear my offspring so instead of paying an accountant I'll send her on an accountancy course (it'll do her good for when our son starts school etc) and she can sort out tax returns and stuff like that

You will be HMRCs dream self employed man, they will love chasing you about, be prepared for many years of pain and discomfort.

Why's that? If they allow you to claim certain things then in anyone's eyes they should be claimed.
If they come knocking they'll be getting told where to go!

 

[Guest77]

Why's that? If they allow you to claim certain things then in anyone's eyes they should be claimed.
If they come knocking they'll be getting told where to go!

you have much to learn, they issue you with a 20k tax bill and you will have to prove you do not owe it to them, many many hours will be lost proving it and the stress will kill you, get an accountant and let him manage your accounts, it is far easier.

 

[marc8]

Got myself in a whole world of it about 8 years ago doing paperwork myself, late with filling out paperwork which HMRC fine you for every month, bailiff turned up for £ 700.00 which I paid, then 3 months later got phone call saying I owed £3500.00 still from the next year all because I thought I could do it myself.
Anyway all it was being late with CIS paperwork paid the stoppages on time but did not send the paperwork & they kept fining me £100 per month for each month that was late & each month so if you had 2 outstanding £200 per month. They went back 7 years for the non payments.
Now accountant does the whole lot & I pay monthly including insurance against investigations, this does not cover any monies owed & just covers the accountants time & office fees should you require them, also investigations aren't normally one day they can request information they want & then come back.
When I started up I moved money all over the shop as cash flow was not always good & they love that because you will never remember everything.
Good luck