Business Expenses

Was wondering what items other than the obvious things like poles, vans etc people claim as business expenses assets?

Can I buy a tablet to use exclusively for my business, doing quotes, invoicing etc

I use my laptop at the moment but I think my life would be better with a tablet to take out on the rounds.

Any other useful items people have thought of to buy for their business?

Yes you can buy a tablet and buy internet security to protect it. Anyone should know if their purchases are for business. If in doubt pay a Solicitor to do them or make the phone call 

HMRC has a youtube channel with info on.

mike007 said:

HMRC has a youtube channel with info on.

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Do you have to wait for an hour to get connected to it like the phone line? 

DrGonzoSnr said:

Do you have to wait for an hour to get connected to it like the phone line? 

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Apparently they have added a line for payments of tax...you get through straight away!!!

Anything used for business use

with things like laptops and phones its the percentage used for business vs personal, but this is hard to prove

theres also flat rates for things like home use to use instead, best just to ask an accountant.

theres also flat rates for things like home use to use instead, best just to ask an accountant.

what do you mean by flat rates for home use? Never heard of that one. 

Jango said:

theres also flat rates for things like home use to use instead, best just to ask an accountant.

what do you mean by flat rates for home use? Never heard of that one. 

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They specify how to claim for your office in your home. If you have 5 rooms in your house and one is your office then they will explain how to calculate that room as a taxable allowance.

I was warned to be very careful about claiming a percentage of your mortgage repayments as the receiver could ask for a slice of the profit you sell your house for against tax claimed.

The receiver does tax courses online from time to time. Its easy to enroll but they are staggered through the day and usually mean you get limited work done on the day. I believe its worth the sacrifice though if you are going to submit your own tax return.

They will tell you its self assessment - in other words, how you see your business with regard to your tax liability. But if they don't agree then its their view of your business.

The tax man has numerous anomalies you can't claim for so its good to get to know them. For example, if you are on a water meter you can claim a tax deduction on the cost of water you use for window cleaning. If you aren't on a water meter then you can't claim anything.

@spruce  I was told also about problems you could face later if you claim for an office. I have an accountant he claims a percentage of what I am entitled to, 

i attended a course when self assessment came in, but it’s easier with an accountant. A good accountant knows his stuff. 

As a trad cleaner, can i claim a percentage of my water bill?

HWCS said:

As a trad cleaner, can i claim a percentage of my water bill?

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You can get £5 per bucket ?

HWCS said:

As a trad cleaner, can i claim a percentage of my water bill?

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Would that be called spongeing?

spruce said:

They specify how to claim for your office in your home. If you have 5 rooms in your house and one is your office then they will explain how to calculate that room as a taxable allowance.

I was warned to be very careful about claiming a percentage of your mortgage repayments as the receiver could ask for a slice of the profit you sell your house for against tax claimed.

The receiver does tax courses online from time to time. Its easy to enroll but they are staggered through the day and usually mean you get limited work done on the day. I believe its worth the sacrifice though if you are going to submit your own tax return.

They will tell you its self assessment - in other words, how you see your business with regard to your tax liability. But if they don't agree then its their view of your business.

The tax man has numerous anomalies you can't claim for so its good to get to know them. For example, if you are on a water meter you can claim a tax deduction on the cost of water you use for window cleaning. If you aren't on a water meter then you can't claim anything.

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True. Just be carefull you are not claiming for things twice. Home use when worked out this way usually includes water and utilities already. But you really want to claim water seperately so best not to use it in the calculation.

If you use the simplified expenses rather than traditional accounting you can also use a different flat rate for home use.