Clarification on paying tax SE

[chirpychippy]

Hello all, i just want to make sure i am working this out properly being new to SE and all.

Hypothetically i get paid £1000 for a job fitting a kitchen we will say, i spend £100 on materials. So i deduct the materials from the £1000 leaving me with £900 and then deduct £20% from this figure equalling £180 for income tax. Then the receipt for materials and invoice goes into file for accountant.

I dont pay income tax on materials, do I? And do i need to match the jobs which have materials to there invoices?

Thank you.

 

[Mw Roofline]

I haven't a clue on all this stuff as I just let the accountant sort it. Accountants are not expensive as you think, the money mine saves me pays for his fees at least.

There is stuff you may not think can be used against tax but there is.

Not much help on the question, sorry

 

[noseall]

You are taxed on your profit which is what you have left after, paying out for mat's, vehicle running costs, tools, stationary, work clothes, fuel etc etc.

You also have a personal income allowance of £9.5k ish before you are eligible to pay tax.

You also have to pay (class 2 i think) N.I. contributions.

 

[noseall]

Yes, you will need receipts and invoices for everything deductable.

You will also be asked to declare any other income.

Keep an eye on your turnover also unless you are VAT reg'd already.

GET A GOOD ACCOUNTANT.

I dont pay income tax on materials, do I? And do i need to match the jobs which have materials to there invoices?

No.
No.
However, should you ever be investigated then be sure that you have some idea where the mat's were used and that it was you who paid for them. I.E. don't go throwing in other peoples receipts for instance or throw in receipts where you have done work at your home, unless you are clear on the rules regards business address etc.

 

[chirpychippy]

Thank you thank you thank you that's three now four thank you's for not replying sooner.

 

[Johnmelad]

I think someone said you can claim for clothing. As far as I am aware you can only claim for PPE and clothing with company details included. Might be wrong though.