EXPENSES SUB CONTRACTORS CAN CLAIM FOR
Article written by www.taxreturnservice.co.uk
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Common examples of allowable expenses would be:
• Motor expenses – Where a mileage log has been maintained, this can be claimed in one of two ways. Either by claiming on the approved business mileage rate system at 0.45/mile for the first 10,000 miles and 0.25/mile thereafter or by claiming all fuel expenses, insurance, repairs, mots and deducting the personal element. By adopting the approved business mileage rate this encompasses the cost of the vehicle and therefore no tax relief can be claimed for the purchase if adopting this scheme.
• Telephone – Mobile and use of a home phone
• Internet – Business element only
• Small tools – where there are replacements or repairs
• Use of home as office – can be claimed at £4 per week
• Rent and rates – where a property is required for the trade
• Light and heat – on a business property
• Travel and subsistence – where you are required to work away from home
• Printing, postage and stationery
• Accountancy Fees
• Insurance – such as professional indemnity insurance
• Subscriptions – to a professional body associated with the trade
• Advertising and promotion
• Bank charges and interest
• Capital allowances on the purchase of equipment, plant and machinery
• Capital allowances on the purchase of motor vehicles for business use only.
• Laundry including cleaning and maintenance of uniforms.
All expenditure must be wholly, exclusively and for the purpose of business trading and be supported by a receipt or proof of purchase. HMRC can and will disallow for any expenditure claimed for which is not supported by adequate records.
These are but a few of the business expenses you may claim for. Please do not hesitate to contact www.taxreturnservice.co.uk and we can assist with any queries that relate to your tax return. Our fee is only £49.95 plus V.A.T. and we offer a full tax return service for this low cost fee.