Self Assesment Tax

[ericblack4boss]

i was at a meeting today regardingt the possibility of going VAT registered i am a self employed, sole trader and also have a part time job.

I filled in last years return staing just my turnover for the year but did not deduct my fuel, materials used on job, safety clothing etc from my decleration, i know what a numpty!

Was just wondering what the easiest way of working out what i should declare for my fuel. ( i.e if i use my fuel receipts how big a percentage of this should i deduct, and what else should i be claim for,

Iam not VAT registered (yet)

[athenaeum]

You need an accountant

Save you far more than they cost

RTYD might be able to help

[tup]

Rather than fuel receipts just keep a record of business mileage which can be claimed at the following rates:

 

First 10,000 miles = 40p a mile

Thereafter = 25p a mile

 

You must keep a written record of all business trips made, but it saves the hassle of farting about with receipts and percentages.

[Red Ram]

i was at a meeting today regardingt the possibility of going VAT registered i am a self employed, sole trader and also have a part time job.

I filled in last years return staing just my turnover for the year but did not deduct my fuel, materials used on job, safety clothing etc from my decleration, i know what a numpty!

Was just wondering what the easiest way of working out what i should declare for my fuel. ( i.e if i use my fuel receipts how big a percentage of this should i deduct, and what else should i be claim for,

Iam not VAT registered (yet)

If you've got the records to back up the expenses you can send amended pages of the return and get any overpaid tax back as you are still within the timescale allowed to do this.If you did your own return then go onto HMRC self asst. online and go into the relevant tax year and make the changes.If you're unsure then get an accountant (being one myself I'd recommend a Scottish Chartered Accountant ie ICAS member) who will do it for you and depending on sums involved their fees could be covered by the tax rebate but it should also give you peace of mind that you're finances are being kept in order and you've someone to deal with HMRC for you.