What can be offset against tax?

[Mark Wileman]

Hey guys,

 

My leaving the military date is getting closer and closer, and along with it the responsibility of getting a real job!

 

I'm 90% sure I want to go self-employed straight off the bat, ideally climbing but happy to do ground work also (the main reason for this is I plan on joining the Army reserve as an employment safety net).

 

I've started sitting down and sorting through all the equipment I've purchased already so when April comes I'm in a good place regarding tax returns, I have a couple of questions.

 

Other than equipment, what else can I offset against tax? Can training costs, books purchased, training accommodation be offset?

 

What is the format of a tax return, I'm sorting purchases into machinery/PPE at the moment but would make sense to start filing things in the correct format.

 

Thanks in advance,

Wiley

[Tom D]

Anything that you buy that can be used for business purposes can be written off. So yes, training, books , accommodation if working away from home are all fine. just don't take the pi55. 

[kevinjohnsonmbe]

Training costs are not so straight forward.

 

Mandatory training (e.g. First Aid) and refresher or re-certification of existing skills (NPTC, FISA etc) may be eligible for submission as a business expense within SATR.

 

Initial training costs such as the suite of NPTC qual's one might embark upon at the beginning of a career change not so straight forward - exercise some caution here.  They may be classified by HMRC as an 'intangible benefit' to the business and be disallowed from submission as a business expense.  

 

Wiley, happy to have a yarn by phone if you'd like.  Meanwhile, I'll see if I can find the thread from away-back which discusses a lot of this.  I need to find it anyway because I've got quite a big update to fill in....

[kevinjohnsonmbe]

10 minutes ago, kevinjohnsonmbe said:

Meanwhile, I'll see if I can find the thread from away-back

There's a lot of reading here!

 

[Mark Wileman]

Thanks Kevin, I forgot about this thread!

[kevinjohnsonmbe]

No worries! 

 

Time I had a re-read too!