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#26 17-05-09 17:13:21

BigMac
Verified Member
From: North East
Registered: 01-08-06
Posts: 33
Website

Re: Tax Claimable expenses list

thanks kaf


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17-05-09 17:13:21

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Re: Tax Claimable expenses list




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#27 28-01-10 21:57:26

JonnyG
Verified Member
From: Belfast
Registered: 13-01-05
Posts: 742
Website

Re: Tax Claimable expenses list

Interesting one from my accountant.

I had given up on separating personal and business use of the car, mainly fuel costs.  I had kept record of every carwash, bulb, tyre machine, and even carparking in my expenses.

My accountant said that instead of doing individual costs,  the government allow you a single "motoring expenses" claim...
I can claim 40p per mile for the first 10,000 miles I do in a year,  then 25p per mile for the rest.  This covers all motoring costs, including depreciation. 


I worked out that I do on average 25 miles per lesson.  I did over 800 lessons and over 20,000 business miles in the last tax year and worked out a cost of over £6500 to put on my expenses.   big_smile big_smile

I also learned that if you have a considerable amount in a one-off payment for Gift-Aid, its best to claim it over 2 years.  I cost myself an extra £1000 last year because I did the tax return myself.   sad sad

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#28 28-01-10 22:41:21

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: Tax Claimable expenses list

Hi Johnny,
        Just one point re the 2 different ways of claiming vehicle allowances...when you choose one or other method you must stay with the same method for the whole of the time you own that vehicle so if you have the same car as last year and claimed the capital write down method ensure your accountant is aware of that as you will have to do the same this time if you have not changed your car..........

Sue


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#29 18-05-10 16:25:41

Bella2010
Member
Registered: 13-03-10
Posts: 43
Website

Re: Tax Claimable expenses list

I find mileage better for me than car expenses but I guess it depends on your situation.

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#30 29-05-10 10:28:33

looprevil
Verified Member
Registered: 17-03-08
Posts: 424

Re: Tax Claimable expenses list

There is not an exhaustive list as such of claimable expenses to offset against your tax although clearly there are common expenses within any profession that are easier to justify and individuals can then create such a "list". There are also some rules that affect certain allowable expenses which should be understood and calculated, fixed assets, vehicle running costs, use of home for a business are some that spring to mind.

Anyone self-employed must be able to justify that any expense is necessarily incurred as a direct result of conducting your business. That really covers what the HMRC wants as the taxing authority.

If you are unclear of a justification ask yourself whether or not you can justify this to a HMRC representative if asked, if still unsure obtain advice from the HMRC and retain supporting evidence of that advice for the future, evidence that can't be shown to a different HMRC representative at a future date is likely to be ineffective. If you are satisfied with the justification it would be advised to understand whether there are any HMRC rules that affect that expense as the HMRC have various claimable allowances, this is where a good accountant service can help particularly if you feel ill equipped to understand this aspect of business.

As with anything there can be differing views of such things between anyone, accountants and HMRC included. A problem only arises when you are being able to justify your expenses. Remember it is you, not your accountant or advice from an internet forum that must satisfy the HMRC.

regards

Paddy


smile  big_smile  lol  cool

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#31 01-10-12 21:16:37

kinghamssom
Member
From: Bournemouth Dorset
Registered: 06-07-12
Posts: 16
Website

Re: Tax Claimable expenses list

Last tax year I worked out fuel cost of 3.50 per one hour lessons. Assuming a 35 teaching hour week over a 48 working week year = 5880pa. This does not include costs of travel between each lessons.

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