Tax Tips

[cumbriahandyman]

Don't have any myself but would be pleased to receive some.

We all know the most obvious things we can put in as expenses, but has anyone found they can claim for things some of us might not have thought of?

I am a small one man business with quite a decent turnover (considering I am only part time) so my returns are pretty straight forward, but I must be missing out on claiming some expenses.

Example
If I was employed, I would be paid for maintenance on tools, as self employed, can I claim anything for the time I spend maintaining my tools. Hell, I must spend 1/2 a day a year just on sharpening/honing my chisels.

 

[expertgasman]

Example
If I was employed, I would be paid for maintenance on tools, as self employed, can I claim anything for the time I spend maintaining my tools. Hell, I must spend 1/2 a day a year just on sharpening/honing my chisels.[/quote]

No you can't claim for time spent. lol. If you could we'd all be recording time spent keeppig van tidy, and preparing books for tax man.

That is why, when we were really busy, and available work was almost unlimited, it was worth paying someone else to do practically everything, leaving us free to charge out our time at higher rates (if you see what i mean)

BUT, enter everything in your books, and let your accountant decide which can stay and which can go

remember, if you use your car, for, say quoting, recorde that mileage, and claim. you can claim for washing powder, uswed specifically to wash your work gear. Maybe petty, but HMRC want every penny THEY can get.

 

[Fluffster]

I believe life assurance payments are a bone fide expense.
Pete

 

[expertgasman]

I believe life assurance payments are a bone fide expense.
Pete

No, they aren't, unless (possibly), it is paid for by an employer and then it is subject to rules, and normally taxed on payout.

Accident insurance may br deductable, but one woukd have to check.

 

[noseall]

I need to sleep as a result of working hard, can i offset my sleep time?

 

[JohnD]

If you pay someone else to maintain and sharpen your tools, then you can claim his invoice as a business expense.

I have a chum in the ships provisioning trade, they rent all their butchers knives and the contract includes taking them away to regrind and sharpen, and swapping them for sharp ones. It saves them the time and trouble of doing it themselves, and having grindstones and a sharpening room, plus the job is done to a high standard.

 

[MFCGMFC]

can you not also claim for using you home as a office?

 

[expertgasman]

can you not also claim for using you home as a office?

You can claim for the portion of bills that the "office" represents in relation to the house, such as domestivc rates. The problem is that you may then be liable for business rates and, technicaly, it would affect the tax free status of you home when you sell it. You CAN claim for heating and telephone bills etc.

 

[cumbriahandyman]

How are tools treated?

When I started out I already had all of the tools I needed, but am now thinking of upgrading some.

Can I claim as an expense a new cordless to replace my 110v grinder?

I am also thinking of buying a pipe bender which I have never had.

 

[moggridgeplumbing]

All tools can be claimed.

 

[expertgasman]

All tools can be claimed.

Remember, as a new start, you can claim for kit purchases, for a certain period, before s/e.