Having completed my first year as a part-time therapist working from home I need help in completing a tax return.
I understand obvious things like the purchase of towels, oils, cleaning materials, books, training, business cards etc but need help on what else I can claim for.
How do you claim for:
laundry done at home
Do you claim for massage tables etc as single item or over a number of years (if latter - how)
Go to the inland revenue website and look under self assessment. Some information will also be included with your tax return, if you get a paper one.
PS capital allowances for items such as couches has changed over the years and you need to check the latest.
Im just about to do my second one so I know it can be daunting.
I went on the HMRC workshops, they are free and very informative. They cover expenses, self assessment etc.
Hope this helps,
Oooo what good idea. I might find one to get updated.
These courses are really good and also official so you know what you are learning is correct. They also do one for newly self employed, expenses and one actually does teach you how to fill out a tax return form. ( never done this one).
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I'm afraid I get someone to do it for me - costs about £250-300 but well worth it in terms of time and hassle saved - pm me via my business listing if you want her contact details. Do everything by phone/post. Never met her, but been using her for a few years now and my sister has used her for about 20 years. She specialises in sole traders.
I just keep a track of all spend, including laundry sundries - soap etc. flowers for the treatment room and upkeep of the aquarium (it does double as my sitting room!), the odd packet of hoover bags & cleaning stuff, and yes you do claim over a number of years for equipment capital expenses - I was told to put through the reciept for my new washing machine as a proportion could be offset. I just send my cash book (monthly spreadsheets) with all reciepts and invoices (or the counterfoils from cash reciepts I've given to clients) at the end of the tax year. Don't forget motor costs (maintenance bills, carwash, maps, oil etc) and record your milage if you are mobile, as well as work clothes and shoes. Also claim the difference in the house and car insurance as cover for busniess use is more expensive.
Hope that helps!