To see less ads Register or Login ----- Daily Fantasy Sports games 18+

Self-employed question

A forum for general discussion on Career, Business & Hobby subjects and topics
Post Reply
User avatar
jimwinn
Grumpy Old Man
Posts: 2849
Joined: 13 Oct 2005, 18:28
Location: Getting there
FS Record: nah

Self-employed question

Post by jimwinn »

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

User avatar
murf
FISO Viscount
Posts: 109450
Joined: 13 Oct 2005, 18:28
Location: here
FS Record: Once led TFF. Very briefly.
Contact:

Re: Self-employed question

Post by murf »

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)

User avatar
Spencer4
FISO Jedi Knight
Posts: 37046
Joined: 13 Oct 2005, 18:32
Location: "Spencer4 is correct "
FS Record: 2008/9 FPL 172nd, 2007/8 TFF 6th, Vid's Predictions winner 2014/5, Fiso TFF Hot shots champ 2015/6, murfs Egg chasers winner 2017 & 2024, winner PB's last man standing golf comp 2018

Re: Self-employed question

Post by Spencer4 »

Think its 45p up to 10k then 25p after that.

All I claim for is mileage, everything else I pay for.

User avatar
jimwinn
Grumpy Old Man
Posts: 2849
Joined: 13 Oct 2005, 18:28
Location: Getting there
FS Record: nah

Re: Self-employed question

Post by jimwinn »

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?

User avatar
Surprised
FISO Jedi Knight
Posts: 26528
Joined: 13 Oct 2005, 18:32
Location: Home
FS Record: TFFOSM MotW in 2008 and MotM in 2003. 78th overall in TFFO for 2002/3 and 2003/4

Re: Self-employed question

Post by Surprised »

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

User avatar
jimwinn
Grumpy Old Man
Posts: 2849
Joined: 13 Oct 2005, 18:28
Location: Getting there
FS Record: nah

Re: Self-employed question

Post by jimwinn »

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)

User avatar
Backlash
Dumbledore
Posts: 9818
Joined: 04 Nov 2012, 10:05

Re: Self-employed question

Post by Backlash »

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.

User avatar
bluenosey
Dumblenose
Posts: 14751
Joined: 13 Oct 2005, 18:26
FS Record: FISO Goals Champ 2018/19 & 2019/20

Re: Self-employed question

Post by bluenosey »

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 :)

View Latest: 1 Day View Your posts
Post Reply

Return to “Careers, Businesses & Hobbies”