Allowable Expenses

[Dean Lofthouse]

Due to a useless expensive accountant I have just received a tax bill for £4K with another £2K to pay in Jan.

 

I think my accountant is just crunching the numbers I give him instead of looking for more allowable expenses to claim I only made a profit of £21K this year.

 

I'm talking of unusual things you wouldn't normally think of claiming that you are legally entitled to, say for example:

 

electricity for the office in the house

 

Work T shirts

 

a wage for the wife doing the books

 

sandwiches for lunch etc etc

 

Just for those of us that are self employed it would be good to know what exactly we can and cant claim for.

 

I dont think we should be paying tax on such small profits when we are knackering our bodies to earn it, it's not as if we sit there with nothing but a calculator and charge £600 for a couple of hours work.

 

I dont intend paying any tax next year and aim to claim for anything and everything I possibly can.

[slack ma girdle]

I thought that you could not claim for clothing unless it is PPE ?

[Dean Lofthouse]

I thought that you could not claim for clothing unless it is PPE ?

 

I dont know, thats what I'm asking

[Paul Smith]

Think you can claim for corporate clothing, you can also claim for the washing machine after all you have to have clean presentable gear!

[Arborist]

Shurley if you pay out for company clothing you should be able to claim?? If it has logo phone number on it can it be put down to advertising?

[nepia]

A close relative who knows a thing or thousand about money, believe me, knows that tax is always negotiable, even PAYE to some extent.

Change accountants Dean. When you've got one that's claim-happy he will be able to recoup some of that for you as backclaiming is all part of the system. Get him to go over previous years' accounts that have already been submitted: at least some allowances not claimed then can still be claimed in the future.

I feel gutted for you; your point about busting your body only to pay the taxman is well made but don't give up on all of it by any means.

 

Best of luck to you.

[Mesterh]

If you want to pay no tax you need to make no profit and to do that you need to earn nothing or spend it all on consumable kit.

[Dean Lofthouse]

A close relative who knows a thing or thousand about money, believe me, knows that tax is always negotiable, even PAYE to some extent.

Change accountants Dean. When you've got one that's claim-happy he will be able to recoup some of that for you as backclaiming is all part of the system. Get him to go over previous years' accounts that have already been submitted: at least some allowances not claimed then can still be claimed in the future.

.

 

I didn't know you could back claim Nepia, thanks for that

 

I'm hopefully going to see my accountant within a week to strangle him and tie him to the ceiling by his toes

[Dean Lofthouse]

If you want to pay no tax you need to make no profit and to do that you need to earn nothing or spend it all on consumable kit.

 

Thats not true, you can still make a good profit and pay no tax.

 

Such as paying your wife to do the books, there's lots you can claim that comes back to you, I just need to know what

[TimberCutterDartmoor]

I am blessed with a great accountant who squeezes every last drop of tax efficiency known to man. Clothing, room in house, washing powder, washing machine depreciation, wear and tear, proportion of heating the list goes on. Does ones accountant have to be local? If not Dean, I'll give you their details!