Self-assessment

[BigSi]

I’m currently employed as an electrician (agency work), but plan to start my own self-employed business before the end of the 08/09 tax year next April. At the moment I’m buying things that I would need later on, for example tools, van, ladders, power tools, hand tools, etc.

What I’m wondering is can I claim for those items (also inc fuel, work wear, etc), in my self-assessment as expenses, even thou at the moment I’m classed as being employed?

 

[acat]

Yes you can claim for everything apart from the initial course that qualified you. However you can still claim for all the books you had to buy for the course providing you still have the receipts. Was in the same boat myself.


Chris

 

[BigSi]

Yes, I’ve kept all the receipts. Even have a spreadsheet set up…..organised or what!

 

[cornburn]

If you're filling in self assessment now then you could probably claim them back now. When you start up the business and fill in your first tax return after becoming self employed you can introduce items to the business that you have bought in the last (i think) 3 years. I had a load of stuff that went in once I started, PC and printer for books and invoices, work boots, stationary, tools, anything that will be used for work. Fuel use I suppose you could argue you were visiting prospective future clients and buying supplies, you wouldn't necessarily have to have invoices coming in for the same period.

Acat - where did you get that information about not claiming back for the course? I have various courses I'm planning on putting through at the end of this year and can't see why this wouldn't be allowed with everything else. Did you read this somewhere? That's a few hundred quid in tax down the drain if they can't be offset!

 

[acat]

From our good friends the inland revenue you can claim for any subsequent courses ie the 2391 but not the first course that changed you from joe bloggs to an electrician dont ask me why the logic escapes me I guess the stance they take is your are not an electrician until you pass and consequently the cost of the first course dont count.


Chris

 

[brucelee]

Hi Acat
i just want to ask you about not being allowed to claim back initial cost of first course, I am in the process of setting up and toying with ltd or sole trader. I have a friend who as just set up limited he says he is allowed to claim back the course we did it was a private funded course for £4020 are you sure you cant claim this cost back as it was for 6 week intensive training for C&G 2382,2377,2393 and Logic part p full scope. megger 1552, basic toolkit,regs and on site guide are you saying i wouldnt be able to claim this back of my tax if i go sole trader. I am in process of getting help to set up and was toying with going sole trader or limited. I contacted tax yesterday and asked about this and was told i can claim for this as it was a loan from family, as you can appreciate this is a large cost and i was under the impression i could and really need this clarifying can you provide me with the phone no for tax as i phoned about 10 nos yesterday cheers mate for any info and advice