Claiming on last years expenses.
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guntherbuffalo
Posts: 23 Forumite
in Cutting tax
Hi,
I just would like to clarify something before filling out my SA tax return this year.
In the 2012-2013 tax year I did not earn over the £8,105 tax free allowance. I did however record expenses, and include them in my Tax Return for that year. Obviously, as I did not earn enough to pay tax I received no tax relief from these expenses.
In 2013-2014 I have earned enough to pay tax. Is there a way I can claim for the 2012-12 expenses from this years tax as well as this years expenses?
Thanks
I just would like to clarify something before filling out my SA tax return this year.
In the 2012-2013 tax year I did not earn over the £8,105 tax free allowance. I did however record expenses, and include them in my Tax Return for that year. Obviously, as I did not earn enough to pay tax I received no tax relief from these expenses.
In 2013-2014 I have earned enough to pay tax. Is there a way I can claim for the 2012-12 expenses from this years tax as well as this years expenses?
Thanks
0
Comments
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As a general principle no. expenses are incurred when they are incurred. However if some of your 2012/13 expenses were actually purchases of stock or equipment there may be some possibilities.
If you want to look at that you need to give details of what you spent.0 -
It was generally travel expenses, and some equipment.0
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Travelling expenses like bus and train fares are a definite no.
If you use a vehicle there are possibilities.
For equipment there are definitely possibilities.
It rather depends on how much information you are prepared to share on a forum.
You haven’t said what you do, what equipment you have bought and how much it has cost you.
Its all relevant and the more we know about what you do the better chance you have of getting quality advice.0 -
I am a guitar teacher.
I have my own vehicle that I only really use for driving from school to school to teach, so all fuel is for work. Any journey I make otherwise I do not count the miles for.
Equipment is grade books/music books etc.
Many thanks,
Paul0 -
Also a few essential new car parts and repairs, and a major service.0
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Spent a couple of hundred on the car after it failed its MOT that year also.0
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guntherbuffalo wrote: »Spent a couple of hundred on the car after it failed its MOT that year also.
There are two ways of claiming for a car, since your vehicle is probably not worth too much it would be better if you claimed the HMRC figures of 45p per mile fotr the first 10,000 miles and 25p thereafter.The only thing that is constant is change.0 -
Cool cheers,
Jimmo, are there many possibilities with my above expenses?0 -
I was looking for possible capital allowances claims.
These days many people simply claim their expenditure on equipment as expenses whereas the strictly correct method is to claim capital allowances. In most cases it makes no practical difference but in your particular circumstances of having profits below the tax threshold for 2012/13 it could be beneficial to identify your capital expenditure make a nil claim for 2012/13 and claim writing down allowances at 18% from 2013/14.
It takes a bit of work but it can be done.
Hence the reason I asked what equipment you bought and how much you spent.
A similar thing can be done with capital allowances on cars but, as zygurat789 says, that now seems more unlikely to be practical.
Sorry.0 -
Ok, so I can make some sort of claim on 2012-13? What will this mean I need to do on my current Tax Return? Are there only certain things I can claim on?
Thanks0
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