Tax?

[shahildar]

Hey fellow geeks!

I was wondering when i register for self employment what can i claim back ?

Thanks

 

[Steph86]

Hi,

You can "claim" for all your expenses your business costs you (products/uniform/equiptment/delivery of products- Fuel allowance if mobile)

That's all I can think of at the mo, I am sure some one else may have things to add...

Just to note, when we use the term claim back-that means you get to earn that money without paying tax.

Ie: if I've earnt £100, but spent £90 on products, I pay tax on the remaining. £10.

Hope that helps xx

 

[Beansy]

You're talking about two separate processes; registering as self employed with HMRC (within 3 months of you starting to trade) and your tax return (which is when you are accounting for all income /expenditure for the financial year). These don't take place at the same time.

 

[shahildar]

Still pretty confused?

I know i can register as self employed online but as for claiming

Im assuming that means spending the money then putting my earnings in deducting the 'claimed' stuff and i then grt taxed on the remainder

So really you dont get the money back it jus means u are taxed less


:/

 

[pure]

Still pretty confused?

I know i can register as self employed online but as for claiming

Im assuming that means spending the money then putting my earnings in deducting the 'claimed' stuff and i then grt taxed on the remainder

So really you dont get the money back it jus means u are taxed less


:/

Exactly. You don't actually get any money back but it is offset against your personal taxable allowance when you do your end of year self assesment.

 

[Sweetyrex]

first step is to register and the tax office will inform you when to do your self assessment.
I would make an appointment with your local tax office or ring them (if you can ever get through!) and they will tell you exactly what happens. But as the previous post said there is no money back but paying less tax is always a bonus!

 

[Nikki12]

As for what is or isnt for workj i use the moto Wholely and solely.
so basically anything you buy that is 100% for work.like extra training, uniform....
Phone bills and so on are a much more grey area.x

 

[shahildar]

So another question what about vat?

I am gonna go to nbsl and go to a seminar at the local tax office i think

Many thanks for your help though!

Slightly addicted to sg! X