Filing taxes can be stressful for anyone, especially if you own your own business. You could be wondering why you could be due a tax rebate. Well, there are many different things that you can claim on your taxes to offset the amount you will owe.
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What Can I Claim Tax On in the UK?
Clothing and Uniforms
If you work for someone, you may be able to claim the cost of your uniform on your taxes. This only applies if the uniform is necessary for your job and if your employer doesn’t reimburse you for buying the uniform.
If you own your own business, you may be able to claim uniforms and clothing on your taxes. This only applies if the clothing bought is essential to your job.
For example, if you’re a welder, you will need a fire-resistant suit and a welder’s helmet. These purchases can be claimed on your taxes if your company doesn’t reimburse you or if you own your own business.
This is a tricky subject when it comes to claiming on your taxes. If you use your vehicle for work, or even a company vehicle, you may be able to claim some of those expenses on your taxes.
If you are using a company owned car, you can claim taxes for the fuel that you paid for. If your employer reimbursed you a portion for fuel, you may be able to claim the difference. You will need to keep track of your mileage and the amount you paid for fuel.
If you have your own business, there are a lot of costs you can claim on your taxes. You could be reimbursed fuel for travel costs, but this doesn’t include mileage to and from your business.
You can also claim repairs and oil changes to your car as well. If your vehicle is needed in order for your business to run, these expenses are considered necessary, and can be used as deductibles.
In order to claim any vehicle expenses, you need to keep thorough records of everything from mileage, receipts, and dates.
Any equipment you need for your work can be claimed on your taxes as well. You can’t claim the cost of a vehicle though. You can claim tools, computers, sewing machines, materials needed to do your job, office supplies, and so much more.
If you have a membership or subscription to an organization that is required for your field of work, you can also claim that on your taxes. You cannot claim it if it doesn’t pertain to your job or if your employer pays it for you.
If you travel for work, you can claim most of those costs as well. You can claim mileage and fuel costs if you drove to where you needed to be. You can also claim for the costs of public transportation, such as buses, trains, and planes.
If you had to stay overnight, you can also use the cost of your lodging as a deductible. Food costs, parking fees, tolls, and phone calls can also be claimed if they were done on business trips.
If you take a business trip that also includes personal expenses, you will need to separate your personal expenses from your business expenses.
If you have made any donations to charities or organizations, you can usually claim those as well on your taxes. You won’t receive a deductible for the same amount you donated, it will go based off of the percentage of taxes you pay.
This only applies to business owners and freelancers. If you work from home, you can claim a portion of your utilities and mortgage. You will need to figure out what percentage of your home and utilities are used for your business first.
If you do not work from home but own your own business, you may be able to claim the utilities in your office space. You will need to discuss this with an accountant.
Many business owners buy insurance to help protect them in case of injury or accidents. This is one cost that you can also claim on your taxes.
Legal and Financial Costs
If you need to hire an accountant or lawyer, these costs can also be claimed on your taxes. Any professional that you need to hire for your business can be used as a deductible. You can talk to an accountant about these claims.
Staff and Marketing
If you have staff that work for you, there is a lot of different expenses that you can claim. You can claim their pensions, wages, bonuses, and more.
You can also claim any marketing you use for your business. If you offer free samples, those can be claimed to help you with your taxes. Advertisements, websites, and other marketing strategies can also be used as deductibles.
Figuring Out Your Expenses
If you plan on filing your taxes yourself, you will need to be very accurate when you do so. You have the option to give a thorough breakdown of each expense. While this may be more time consuming and difficult, it can actually help you in the long run.
If you choose to give a single figure, make sure you are being truthful and have tripled checked all of your math. This will help you if you are audited. Even after you file your taxes, you will still want to keep thorough and accurate information on all of your expenses.
Now that you know what you can claim on your taxes in the UK, hopefully it will be less stressful for you. There are many expenses that can be considered deductibles, but there are also some that can’t be used.
If you aren’t sure if something can be claimed, you can check on a government website, or talk to an account. And while some of these expenses may seem small, they can add up over time.