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#1 04-01-09 21:57:43

BillyTheKid
Verified Member
From: Bucks
Registered: 17-05-05
Posts: 30

Tax return advice needed!

Hi everyone!

Need some advice on what's best to do with my tax return this year?

I buy my cars rather than lease and use it 99% for business purpose.

I hear a lot about the 40p/25p mileage allowance but then you don't seem to be able to claim for anything else ie. repairs, for which ive had a bad year with the car and have lots of receipts which i want to claim against.

Would it be best to add up all my fuel receipts and put in the claim for everything? My annual mileage was just over 20000 hence 6500 approx for 40p/25p method but im sure the other way would make more financial sense.

Which method do you guys find works best for you?

Happy new year to all!

Brgds  8-)


PART 1 - passed 07 April 05 - 1st Time
PART 2 - passed 01 July 05 - 1st Time
PART 3 - passed 16 Mar 06 - 1st Time

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04-01-09 21:57:43

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Re: Tax return advice needed!




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#2 04-01-09 22:07:46

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: Tax return advice needed!

One thing to be aware of with this, is that you can't change the way you claim expenses until you get a new car.

With your question, the mileage method works well if your expenses on the car are fairly small. For example I'm looking at buying a 2nd hand car, roughly £6000. On paper the mileage method would work well, but in the case of damage, you could come off worse.

Claiming for the receipts means you've got that backup should the worse happen.

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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#3 05-01-09 07:03:52

FRANKS
Verified Member
From: WALES
Registered: 05-06-06
Posts: 530

Re: Tax return advice needed!

Your questions are why I use an accountant, they know all about TAX and what you can and can't claim for.

Would you ask for advise off someone down your local??  roll


Try always to be honest in everthing you do.
Be an 'HONEST BUSINESS PERSON'
Gain respect in ever thing you do

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#4 05-01-09 08:46:10

BillyTheKid
Verified Member
From: Bucks
Registered: 17-05-05
Posts: 30

Re: Tax return advice needed!

Thank you guys for your responses

Franks, there are those that feel they need to shell out for an accountant and then those that keep meticulous records and feel they can file themselves and save the money! Each to their own.

Im curious as to which method other ADIs use for claiming costs.


PART 1 - passed 07 April 05 - 1st Time
PART 2 - passed 01 July 05 - 1st Time
PART 3 - passed 16 Mar 06 - 1st Time

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#5 05-01-09 10:48:24

driverpete
Verified Member
From: Nottingham
Registered: 06-02-06
Posts: 457

Re: Tax return advice needed!

The advice I got from the HMRC Self Employment Workshop was not to go down the mileage route but to claim total costs as you do.


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Retired RoSPA Approved Tutor
Retired NDAC & NDAS trainer
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#6 05-01-09 10:58:20

BillyTheKid
Verified Member
From: Bucks
Registered: 17-05-05
Posts: 30

Re: Tax return advice needed!

Thanks for that driverpete, im going to look at getting on the next hmrc workshop.


PART 1 - passed 07 April 05 - 1st Time
PART 2 - passed 01 July 05 - 1st Time
PART 3 - passed 16 Mar 06 - 1st Time

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#7 05-01-09 11:34:17

adi
Verified Member
From: shropshire
Registered: 28-02-04
Posts: 1,231
Website

Re: Tax return advice needed!

Hi Billy, as a driving school most accountants would charge under 250 to do your tax return. You will most likely find that they will save you more than that in any case so it pays for itself.

Another way to look at it is some parents teach their kids to drive, as they don't se the point in paying for a professional instructor......

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#8 05-01-09 22:09:20

FRANKS
Verified Member
From: WALES
Registered: 05-06-06
Posts: 530

Re: Tax return advice needed!

adi.. I have to agree with your comments, I'm paying my accountant not only to fill out my tax return but to have the knowledge to save me tax. He also help us keep on top of the millstones of family and working tax credits as the tax office gets it wrong most years.

Two years ago I suffered a heart attack and was unable to work for a month and only part time for the next six months. My partner contacting my accountant when I was still in my intensive care ward and he was brilliant, he contacted the tax offices which probably saved me money and my business in the long term from going under. I know I'm very luck with who my accountant is, but as I've already said he's worth every penny.


Try always to be honest in everthing you do.
Be an 'HONEST BUSINESS PERSON'
Gain respect in ever thing you do

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#9 05-01-09 22:45:53

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: Tax return advice needed!

At the end of the day it's down to personal preference I think. I've always been hands on with the accounts, I strangely I enjoy it  :?

I've spent time down citizens advice, and the inland revenue asking questions.

A few hundred £s spent would save me doing it myself, but it's something I don't mind doing. I've spoken to several accountants in the area, but have yet to find one that I'm happy with.

The big advantage is having that person to call who knows your details, and can give you quick, detailed answers.

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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