What expenses can I claim for when completing my tax return???

I am just sorting out my tax return for the past year. Im not sure exactly what expenses I can claim for?? I work from home for most of the week so any advice would be greatly appreciated??
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Comments

  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    Have you not kept records of your expenses?
    It would help if we knew whether you were employed or self employed and what you do.
    £705,000 raised by client groups in the past 18 mths :beer:
  • Chief155
    Chief155 Posts: 18 Forumite
    I am self-employed. I know I can claim for expenses like petrol, stationary costs, postage costs etc, but some people I have spoke to have mentioned things like a % of council tax, mortgage interest if you use your home as an office?
  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    Yes, you can include a proportion of your household running costs in proportion to the number of rooms used. So if you have 3 beds and 2 receps and use one room for work, you can include one fifth of household costs.
    You are not claiming anything, you are just reducing your tax bill by reducing your profit.
    If you keep a running total of all your costs as you go throughout the year you will find next eyar's return much easier.
    £705,000 raised by client groups in the past 18 mths :beer:
  • hungrynurse_2
    hungrynurse_2 Posts: 251 Forumite
    I get money for socks (think I get £18 a year), training, study and anything I buy for work. Im a Nurse in NHS
  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    Including a proportion of Council Tax in your accounts will not give rise to a rates charge - the two systems are entirely separate. I would ot worry about CGT - the use of a proportion of your house over the period of ownership would give rise to a minimal gain. What is the alternative - go and rent an office somewhere which would cost a lot more. In 26 yrs as HMIT I never saw a CGT charge arising from the use of a room for business in these sort of circumstances.
    £705,000 raised by client groups in the past 18 mths :beer:
  • Charliecherry
    Charliecherry Posts: 36 Forumite
    fengirl wrote: »
    Including a proportion of Council Tax in your accounts will not give rise to a rates charge - the two systems are entirely separate. I would ot worry about CGT - the use of a proportion of your house over the period of ownership would give rise to a minimal gain. What is the alternative - go and rent an office somewhere which would cost a lot more. In 26 yrs as HMIT I never saw a CGT charge arising from the use of a room for business in these sort of circumstances.

    I too am self employed and spend approx 10hrs per week on my books etc
    from home am i to understand that i could claim a proportion of Council tax back via my tax payments......ta
  • I get money for socks (think I get £18 a year), training, study and anything I buy for work. Im a Nurse in NHS

    I don't think socks will be allowable! They aren't solely for work purposes, so you can't claim for these.
    Northern Ireland club member No 382 :j
  • Mikeyorks
    Mikeyorks Posts: 10,369
    First Anniversary Combo Breaker
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    I don't think socks will be allowable! They aren't solely for work purposes

    I think she meant stockings? And you're right ..... on nurses, they're not solely for work ..... they're significantly for pleasure. :p

    But I think the £18 ..... also includes the boring shoes :-

    http://www.hmrc.gov.uk/manuals/eimanual/EIM67200.htm

    (But if hungrynurse is male ..... please ignore my comments!)
    If you want to test the depth of the water .........don't use both feet !
  • mrkbrrws
    mrkbrrws Posts: 337 Forumite
    As long as you make sure that no room is used only for business purposes then there should not be any CGT problems.

    If you want to read more about what HMRC guidance says about use of home expenses, http://www.hmrc.gov.uk/manuals/bimmanual/BIM47800.htm.

    The main point is that should you decide that £3 or £5 a week, or whatever, is reasonable to cover the costs of running your business from home then it is unlikely that HMRC will investigate further. You can include expenses more than this if it is justified.
    I am an Accountant. You should note that this site doesn't check my status as an Accountant.
    All posts on here are for information and discussion purposes only and should not be seen as professional advice.
  • DebtHater
    DebtHater Posts: 1,053 Forumite
    fengirl wrote: »
    You are not claiming anything, you are just reducing your tax bill by reducing your profit.

    Spot on, couldnt have said it better.

    You offset your expenses against your profit, hence less taxable income
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