burbling1

iTrader: (1)

Its that time of year again when I have to fill in my self assesment.
Last year I paid an accountant to do it but feel I can do it myself and save a few £.
The only problem is I cant find the allowances eg how much can I deduct for usinf a room in my house as my office, how much for washing of my work clothes, how much can i put through without receipts for buying work clothes also buying tools with cash without a reciept.
I have looked through the hmrc website and it says I can deduct such things but doesnt state how much.

Anders_WR1

iTrader: (8)

My accountant said you work out a percentage based on the number of rooms in your house, so if you have six rooms and use one mostly for work then claim 1/6 rent or mortgage. But if you use the room for an hour a day and spend most of your time on the road, you might not get away with a 1/6 claim.

You can claim electricity, but be realistic if you claim 50% for using a laptop they might raise an eye brow. Not sure how much you can claim for washing clothes, everyone has to wash work clothes.

Anders

hodgy0_2

you need to be careful claiming tax relief on your "principle private residence"

when you sell it you may well be liable for capital gains tax

David Lock

Why do you think you have to do your self-assessment now? AFAIK it won't be due until end Sept or next Jan.

Don't be frightened of phoning tax office for help.

dl

Aaron1978

iTrader: (12)

It's due now. The deadline is October 31st for paper returns and January 31st for online returns. If you have everything ready then why not do it straight away, you're only putting it off. The longer you leave it the more chance you have of forgetting something or losing/misplacing things you'll need IMO.

Aaron

Budgie

iTrader: (4)

dont you have a copy of last years
then you can use the figures from that

millsy3

iTrader: (1)

you can claim £3 per week for the use of your home for business purposes without question from hmrc. anything else you have to do a calculation.
mortgage interest (not repayments) or rent x
house insurance x
electric x
gas x
council tax x
total A

number of rooms in house (excluding bathroom and kitchen) = B
number of rooms used for business (ie one of the bedrooms used as a office) = C
A / B x C = £ use of home to claim

if you were an employee you can get fixed deductions via your tax coding notice for washing uniform and tools but it is not the same when you are self employed.
you can claim capital allowances on any tools you have purchased and you can claim any safety work clothing (not just clothes that you happen to wear to work) ie safety boots, hard hat, hi vis etc. you need to have the proof of these items, ie receipts!
dont forget about all your other expenses, business mileage, phone, bank charges (if it is a business account) business insurance, postage, training. if you have a wife/partner than earns less than £6475 last year you can also save tax by putting through a salary for her aswell.

any questions i dont mind answering as its my job!
Liz (millsy's better half)

David Lock

That's dubious advice IMHO. If tax man decides to check he needs to satisfy himself that wife/partner actually has a meaningful business role - which she may well have e.g. doing the books, marketing etc. You'd probably not get checked but that's a risk you take. dl

PaulC72

I like your style, last year used an accountant, this year use the SN massive!!! love it.

Budgie

iTrader: (4)

that is very easy to prove in your favour tbh
great post Liz

mickywrx

iTrader: (29)

The tag line HMRO or whoever it is, "Tax doesn't have to be taxing"

Yes it bloody well does! If it wasn't then I wouldn't have to pay it.

OP, I know an accountant sort of near to you if you decide to go to one.

millsy3

iTrader: (1)

yes it is easy to say they do some admin/paperwork etc, thats all they will ask in an enquiry. you dont even have to show the split of your expenses on your tax return now if your turnover is under 70k so they dont know how or what makes up your expenses unless they enquiry which is very unlikely

Liz

David Lock

That will depend on the tax official. As someone who was given the third degree on this I speak from hard experience. But it is not likely that this will be questioned. Whilst they don't ask to see the expenses breakdown you need to keep careful notes on what they were (for six years!). dl

burbling1

iTrader: (1)

Thank you a pm is heading your way.