Self employed expenses?

[Paul Smith]

the best thing you can do is work for local companies...no point in spending 2 hours a day driving and £25 a day on diesel when you could just earn the same money with the firm around the corner. As fuel has gone up it has killed freelancing for me..I did £4,000 diesel last year...I now work locally!

 

Spot on!

[Rupe]

Yeh i am deffinatly in a muddle. Trying to get my head around it. I see what your saying now about paying less tax at the end of the year. On one website where i have read it says you can claim for the full costs of that vehicle, which means?

 

I did think it was too good to be true with the 45p a mile, how does that actually work then?

 

Sure it will all come togeether.

 

No, sorrry, i might of worded it wrong, I know i could get enough work if i went as a subbie, which is why im considering it. Just want to work out where i would stand with expenses, if i can get anythinng to help me out, etc.

 

Thanks agin

 

Yes ,you can claim the costs of the vehicle/fuel/ppe etc which means you dont pay tax on those costs.

 

It does not mean that someone gives you the money back.

 

So if you earn 10,000 a year and spend 2000 on work stuff then you pay tax on the difference which is 8000. SO you pay tax on 8000 instead of on 10,000, so happy days, but dont ever be fooled into thinking that someone will give you back what you have spent on PPE or fuel etc.

[Pedroski]

Also, an easy way to keep track of what you're spending is to make sure that every single expense is done on a debit card. That way, you've got it on your bank statement, you've got the receipt for the expense, and it makes it all much easier to tie up when you do your tax return. Nothing worse that paying expenses in cash then losing track of it. So even if someone pays you cash, don't be tempted to pay for your fuel or clothing in cash just because you've got it in your pocket. Get your debit card out instead. It's also easier if you have a vehicle solely for work use and add up ALL of the expenses for it (and of course never use it for personal use I'm sure no honest MP would ever do that)

[Stephen Blair]

Keep receipts and save 20% of everything you earn, and just to clarify, if you earn £10k spend £2k on making that £10k, then you won't pay any tax because the first £9k( nearly) is non taxable .

[Dean Lofthouse]

Just don't go self employed, it will make life much simpler.

 

By being employed, you will be entitled to much more

[Robert_S]

Don't go self employed or employed, sign on !!!

 

That a gravy train with biscuit wheels

[looker123]

Wow, thanks for all the information. There's deffo more too it than you realises I get the grasp of it now, probably just the surface but good t have some understanding of how it works. Just passed my 30&31 today, 38 and 39 booked, things are looking up!

[Rupe]

Tell us more about this "opportunity" You cant realistically go self employed with just 30 & 31 done recently!

[Andy Collins]

Have you got a list of people who will use you as self employed, or are you planning on working for just one company?

[looker123]

It would probably be spraying etc, and could also pick up abit of work from where im at now to fall back on.

 

Just keeping my options open, whilst trying to fund futher training.

 

Just working out if its feasible or not.

 

Cheers