expenses

[M.K Cleaners.co.uk]

Wonder does the prime minister claim for his lunch money?

He calims for everything! Probably his kids tuition fees as well. Along with his 3-4 mortgages.

 

[GMcleaning]

with regards to buying stuff privately i doubt you could claim anything back on your expenses as you wouldnt have paid vat on the item and thats all you get back from any expense, i could well be wrong tho?

 

[Belfastcleaning]

I bought a few things off gumtree, no receipt, but they are in my books! There is loads of things that Iv bought new and haven't been charged vat?

 

[M.K Cleaners.co.uk]

I bought a few things off gumtree, no receipt, but they are in my books! There is loads of things that Iv bought new and haven't been charged vat?

How do you put something on the books withut a recipt?

 

[harunh]

How do you put something on the books withut a recipt?

Hmmm lol xx

 

[Belfastcleaning]

Just put it in my outgoing list.. Just no reciept to show for that one..

 

[GMcleaning]

what have you bought new with no vat? im pretty sure its only the vat we get back as self employed so if you had say £100 of expenses, you would get back £20, i.e, 20%, vat. am i wrong?

 

[Belfastcleaning]

What do u mean we get vat back? Iv never had any vat back lol... some equipment I have bought with no vat, ecover from tescos no vat, clothing from primark and branding no vat?

 

[GMcleaning]

everything you buy from a shop has vat, including tescos and primark, its already built into the price.

you get the vat for everything you claim as expenses taken off your tax bill at the end of the year, so if your taxable income has a lower value then the vat on your expenses you will get it back

 

[M.K Cleaners.co.uk]

everything you buy from a shop has vat, including tescos and primark, its already built into the price.

you get the vat for everything you claim as expenses taken off your tax bill at the end of the year, so if your taxable income has a lower value then the vat on your expenses you will get it back

So you in other word you need to make a loss to get it back. lol

 

[GMcleaning]

no, as self employed you have a set amount you can earn before its taxable income, something like £7000 (guess), so if you declared that you earned 10,000 then only 3000 of that is taxable, would probably be about 750 tax on that, (again, a guess).

now if you have 4000 expenses then the vat you can claim back would equal about 800,(20%), so the taxman would owe you 50quid.

obviously these are just example figures and it takes a decent accountant to make it all work but u get the idea

 

[Belfastcleaning]

Total income - total expenses = profit

Profit if over taxable allowance is then taxed?

So if you declared 10k income, had 4k expenses that give you 6k profits.. Nothing for the tax man!

 

[GMcleaning]

basically, yh

 

[M.K Cleaners.co.uk]

Total income - total expenses = profit

Profit if over taxable allowance is then taxed?

So if you declared 10k income, had 4k expenses that give you 6k profits.. Nothing for the tax man!

I get it now.

 

[harunh]

So if i earn 12k this year.... its my first year... andi spend 5k.. i got 5k of receipts sitting their....

Does that mean i owe him nothing ?

 

[GMcleaning]

if you have £5000 receipts you will get 1000 back, if you earn 12k you would only be liable to pay tax on the last 5000 you earn, again you would need to spk to an accountant, im just going off what i know and have heard from various self employed people