Tax Deductable

[m4tty]

Hi,

If I purchased a MFT and tools before I registered as self employed can I still produce receipts and use these as tax deductables or do they have to be purchased whilst being self employed.

Not very good at explaining things if the above makes sense

Thanks

 

[PC Electrics]

I did.

Make sure you register as SE before you do your first paid job.

 

[ian932]

You can register straight away as a sole trader even if your in paid employment all you will pay is class 2 NI which is

 

[ecasam]

I included the tools I had purchased over the year previous to setting up as self employed. As long as the tools n bits are solely for businesses use it can all be lumped in to your first year

 

[spinlondon]

When I started, I phoned the Inland Revenue about tools bought over the previous 3 years whilst I was employed.

I was told that they would only allow 2nd hand prices.

I then asked them to send me 3 years worth of Self Assesment forms, and had to claim the purchase price back for each year the tools were bought in.

 

[m4tty]

Thanks everyone for the replies .. uve been more than helpful. really appreciate it

 

[sellers]

Claim claim claim!! For everything and anything.

My dads been a self employed builder for 23years, he knows the system inside and out, hopefully he'll be passing this knowledge onto me.

 

[Cirrus]

You can register straight away as a sole trader even if your in paid employment all you will pay is class 2 NI which is

 

[sellers]

does your tax code change when you register as self employed?

Ie. Will my boss find out?

 

[Cirrus]

Not at all. He will never need to know

 

[ian932]

No need to pay the class 2 contributions either - ask them for an exemption form which if you state you will earn under

 

[monkey5]

Yes under

 

[ian932]

Did it when I went SE 4 years ago and no hassle, I don't see how they could refuse it would be like refusing you a tax refund. As I say each to there own

 

[bulmer]

For tools etc bought before you started, I think you can only claim a percentage of there value when new.

 

[NozSpark]

If yau've had them a few years then you could only buy them into your business at second hand rate,,, but if you bought them specifically for your buisness just before you registered SE with the IR then I'd claim the full value.