corrado vr6
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| posted on 25/1/11 at 08:29 PM |
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tax deductable ideas?
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
http://r1indy7.wordpress.com/
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andrew
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| posted on 25/1/11 at 08:38 PM |
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if you use part of your home as office you can offset a portin of electric rates etc,,,
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interestedparty
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| posted on 25/1/11 at 08:38 PM |
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Vehicle expenses
anything that you have to pay out in the course of your work. All needs to be backed by receipts of course
As some day it may happen that a victim must be found,
I've got a little list-- I've got a little list
Of society offenders who might well be underground,
And who never would be missed-- who never would be missed!
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Macbeast
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| posted on 25/1/11 at 08:39 PM |
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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.
I'm addicted to brake fluid, but I can stop anytime.
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carpmart
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| posted on 25/1/11 at 08:40 PM |
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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!
You only live once - make the most of it!
Radical Clubsport, Kwaker motor
'94 MX5 MK1, 1.8
F10 M5 - 600bhp Daily Hack 
Range Rover Sport - Wife's Car
Mercedes A class - Son's Car
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Ninehigh
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| posted on 25/1/11 at 08:58 PM |
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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!)
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designer
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| posted on 25/1/11 at 09:05 PM |
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If you are in a trade, it is best to use an accountant.
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SteveWalker
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| posted on 25/1/11 at 09:08 PM |
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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]
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spewing
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| posted on 25/1/11 at 09:12 PM |
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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
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sonic
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| posted on 25/1/11 at 09:15 PM |
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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.
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interestedparty
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| posted on 25/1/11 at 09:19 PM |
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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,
As some day it may happen that a victim must be found,
I've got a little list-- I've got a little list
Of society offenders who might well be underground,
And who never would be missed-- who never would be missed!
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JonnyS
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| posted on 25/1/11 at 09:28 PM |
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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.
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JonnyS
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| posted on 25/1/11 at 09:29 PM |
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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,
Then you want to move 
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JonnyS
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| posted on 25/1/11 at 09:31 PM |
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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.
It would be a very severe case for this to happen to a one man band. Never heard of it before. Anyone doing clerical work at home will never have
these problems. In fact pretty much all home insurance policies cover the use of a room for clerical work
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skodaman
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| posted on 25/1/11 at 10:04 PM |
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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.
Skodaman
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Confused but excited.
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| posted on 25/1/11 at 10:11 PM |
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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!
True but don't get greedy. If you claim 25% or more (IIRC) then the property - if you are buying/own it becomes an asset. the if you go bust,
you have to sell it to cover any outstanding debts you may have.
Other than that you can claim for anything you legitemately use in the course of your business.
I claimed for one suit a year for busines meetings and all my jeans as work wear, which they are (but don't claim for Armani ones). Taxman
argued about this and lost.
The main benefit of an accountant is that the taxman doesn't tend to query as much.
[Edited on 25/1/11 by Confused but excited.]
Tell them about the bent treacle edges!
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Toniq-r
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| posted on 25/1/11 at 10:24 PM |
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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
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Ninehigh
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| posted on 26/1/11 at 10:03 AM |
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quote:
Originally posted by interestedparty
but you need to know what to ask them,
If I had a pound for the number of times I've come a cropper because of something I didn't even know to ask...
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