Hi
I know you can get a whopping 41p per mile petrol allowance but what about the cost of getting the motor through the MOT?
Can anyone recommend a web site with advice for self-employed folk - this is my first year and I'm dreading the whole tax thing
Self-employed question
- jimwinn
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- murf
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Re: Self-employed question
Not self-employed but isn't the 41p 'whopping' specifically because it is supposed to cover not just petrol but all running costs, eg MOTs.....
(been on similar when using my own car for work and the tax office recommended a limit so you only get the whoppingest value for the first X,000 miles and something a little less whopping but still Ok after that)
(been on similar when using my own car for work and the tax office recommended a limit so you only get the whoppingest value for the first X,000 miles and something a little less whopping but still Ok after that)
- Spencer4
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Re: Self-employed question
Think its 45p up to 10k then 25p after that.
All I claim for is mileage, everything else I pay for.
All I claim for is mileage, everything else I pay for.
- jimwinn
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Re: Self-employed question
Aha - 45p to cover all motoring expenses makes more sense now
Should I get an accountant in (for my first year) or is the form filling pretty easy?
Should I get an accountant in (for my first year) or is the form filling pretty easy?
- Surprised
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Re: Self-employed question
Best to get an accountant for at least the first year as they will make sure you claim for all things you are meant to. You can also use their forms as a guide for future years
- jimwinn
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Re: Self-employed question
cool - my dad is self employed so I'll have a natter with his account (been putting it off but I'm sure it'll be woth a few shekles)
- Backlash
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Re: Self-employed question
You claim for everything you use for instance I have a van which I use 100% for business so all MOT, tax,insurance, petrol/diesel and any repairs will all deducted from your profit.
Basically your turnover minus expenditure will give your taxable income from the year.
Basically your turnover minus expenditure will give your taxable income from the year.
- bluenosey
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Re: Self-employed question
Hi Jim
I've forwarded a PM I sent to a poster a while back with some background info. Spencer is spot on re the business mileage.
You need to get your skates on to register to file your Tax Return, if you started self employment between 6 April 2013 and 5 April 2014. HMRC are notoriously slow issuing tax references.
I can help if you get stuck, so feel free to PM me
I've forwarded a PM I sent to a poster a while back with some background info. Spencer is spot on re the business mileage.
You need to get your skates on to register to file your Tax Return, if you started self employment between 6 April 2013 and 5 April 2014. HMRC are notoriously slow issuing tax references.
I can help if you get stuck, so feel free to PM me
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