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Author: Subject: tax relief on tools bought for work
john_p_b

posted on 2/11/16 at 07:32 AM Reply With Quote
tax relief on tools bought for work

anyone claimed tax relief on tools they've bought for work? the snap on dealer was telling me about it a couple of weeks back how you can claim on stuff bought in the last 4 years, typically there are agencies that will do it for 20% of what ever is claimed back but i'd rather do it myself if poss, got invoices totalling 3-4k sat in the top drawer of my toolbox.

any help much appreciated.





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loggyboy

posted on 2/11/16 at 07:44 AM Reply With Quote
Are you PAYE?





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daniel mason

posted on 2/11/16 at 07:46 AM Reply With Quote
I'm a limited company and get tax relief on all tools. Every little helps I say!
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nick205

posted on 2/11/16 at 08:53 AM Reply With Quote
I've not done it myself as I don't have to buy my own tools for work. A quick Google search throws up the links below and seems to suggest you can though. One thread looks as though it may be done via a self-assessment tax return. These are not much fun to have to do, but you may already be doing one - particularly if you're self employed or a company owner.

https://www.toolstaxrebate.co.uk/

https://www.taxrebateservices.co.uk/tax-refund-calculators /tool-tax-refund-calculator/

http://forums.moneysavingexpert.com/showthread.php?t=379752

One other element that occurs to me is that if you're self-employed or a company owner you may already have an accountant. For my money any good accountant should be able to advise you on the process and guide you on how to progress it. Like you I'm a fan of doing it myself (rather than paying for it) if possible.

I hope it works for you and it would be interesting to know how you get on! There must be others on here either already doing this or who could benefit from the knowledge of how to do it.

Best of luck


ETA...reading the MSE thread a little more it mentions...

1. Write to HMRC asking for help. Probably good advice. HMRC can be hard work, but are the governing factor and will be able to tell you the process for claiming.

2. The possibility of claiming tax relief on "replacement" tools, but not "first time" tools. This seems odd to me, but then some rules aren't as simple as you'd want them to be. Worth checking this and not giving away too much information too early.

[Edited on 2/11/16 by nick205]






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john_p_b

posted on 2/11/16 at 09:09 AM Reply With Quote
thanks for the replies, i'm a regular technician employed to do a job and paid weekly so never even seen a tax form never mind filled one out! my girlfriends mum is an accountant though so might talk to her next time we meet.





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loggyboy

posted on 2/11/16 at 09:31 AM Reply With Quote
You would need to have a willing payroll officer to run the figures through the PAYE system which reduce your contributions accordingly. They should do it without argument, but IME most cant be arsed as its more work for them.





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Ugg10

posted on 2/11/16 at 09:46 AM Reply With Quote
Just a thought (no responsibility claimed here), does this come under the P87 form for PAYE employees as effectively this is a work expense that you are being asked to pay for. The form is predominantly for travel expenses but there is a section for "other expenses", I think you can also claim retrospectively for prior years, not sure how long ago though but looks like 4 on the link below. Be careful of the £2500 claim limit because if you go over this you are into self assessment territory (you get back the tax on the amount claimed). Again be careful if this is a one off claim as HMRC will assume it is an annual amount and will adjust your tax code accordingly for the next year (you get more in your pay packet), if you do not claim they will then readjust for the next year (you will receive less), this can yo-yo for a few years.

https://www.gov.uk/government/publications/income-tax-tax-relief-for-expenses-of-employment-p87





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avagolen

posted on 2/11/16 at 11:27 AM Reply With Quote
Hi,

From personal experience, I get tax relief on £100 of tools through PAYE - may be a little more now, but that is what it was the last time I did a return.
As you know, 20% is only £20 pounds. As it only effects my tax code and I do not really notice it.

HTH.





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