Hi there, after some ideas of things i can claim for as tax deductable so far thinking -
-work clothing
-paper
-ink cartridges
-mobile phone used soley for work
-tools
any other ideas, not wanting to take the wee but everyone tells me that im paying far to much tax so looking for things i can claim for to try and
reduce it im a self employed carpenter who does paperwork from home, any ideas? Greg
if you use part of your home as office you can offset a portin of electric rates etc,,,
Vehicle expenses
anything that you have to pay out in the course of your work. All needs to be backed by receipts of course
get an accountant - will save you far more than they cost.
Off top of head - 50% of cost of running car, internet charges, use of bedroom as office, cost of accountant.
If you set up an office from home in a room, you can take a percentage off everything. Say the room represents 20% of the downstairs room, then I
believe you can offset 20% of all bills electric, gas, water, council tax etc against the work use.
I'm no tax expert but I certainly think this was the case last time I considered doing something about my tax!
Oh yeah if you use a vehicle for work.. All I needed was petrol receipts but I claimed:
Finance payments
Insurance
Petrol (minus a bit for personal mileage)
Cleaning (whether I did it or not)
Oil, antifreeze, tyres etc
Signage/advertising
Air freshener (but I was a taxi driver so that might not wash if there's only you in the van!)
If you are in a trade, it is best to use an accountant.
Pension.
Childcare costs - if you've got any and only if you've got this in place before April, 'cos they're changing the rules then, but
not cancelling existing arrangements.
Business insurance.
[Edited on 25/1/11 by SteveWalker]
A couple of years ago my accountant asked me if i had bought a MP3 player in the last 12 months.
If I had I would have been able to claim the full amount as I could have downloaded and listened to the chancellor's budget speech.
I couldnt believe the ego of politicians.
Last year I needed a Knee operation and asked the accountant if i could claim the cost of a private operation against tax. The answer was "Yes if
you only use your knee for work!"
The fact that without my knee i couldnt work didnt seem to have any bearing
Just be a bit carefull with the working at home having a designated room/office.
If the council find out they will charge you business rates on your council tax and also your home insurance will insist on all doors and window being
uprated and certain measures put in place before they will insure you.
Happened to me and the guy next door is a CAD designer and photographer who works from home and its happened to him.
Not all accountants are pro-active, some of them (all the ones I've had) sit back and wait for you to hand in your accounts. They will respond to specific questions, but you need to know what to ask them,
You really should be employing an accountant. I have never had a client come to me and not easily save in tax what they pay me...
Things that people (and other accountants) often miss:
- Use of home as an office. It's not just a flat %, you need to take hours used into account (as noted above including mortgage interest in some
cases)
- Storage of tools/wood/materials (yes really, depends on whether you're married/related earnings etc)
- Is the vehicle a car or a van? You may be better off claiming business miles rather than costs (depending on turnover)
- Everyone needs a digital camera for their job 
-Training
-Trade subscriptions
- Wife's wages
Depending on your income, it may be worthwhile going limited.
quote:
Originally posted by interestedparty
Not all accountants are pro-active, some of them (all the ones I've had) sit back and wait for you to hand in your accounts. They will respond to specific questions, but you need to know what to ask them,
quote:
Originally posted by sonic
Just be a bit carefull with the working at home having a designated room/office.
If the council find out they will charge you business rates on your council tax and also your home insurance will insist on all doors and window being uprated and certain measures put in place before they will insure you.
Happened to me and the guy next door is a CAD designer and photographer who works from home and its happened to him.
Definitely get a good accountant. I pay a lot less tax now I use one that when I didn't. You've just got to be careful not to get your
receipts for welding masks and rods etc. mixed up with your business stuff.
quote:
Originally posted by carpmart
If you set up an office from home in a room, you can take a percentage off everything. Say the room represents 20% of the downstairs room, then I believe you can offset 20% of all bills electric, gas, water, council tax etc against the work use.
I'm no tax expert but I certainly think this was the case last time I considered doing something about my tax!
Claim for a new Kit Car and it can be put down to intertain your customers on track days Thats if you got a good accoutant
quote:
Originally posted by interestedparty
but you need to know what to ask them,