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    • doughboy2000
    • By doughboy2000 15th Oct 16, 8:31 PM
    • 1Posts
    • 0Thanks
    Question on self assessment expenses
    • #1
    • 15th Oct 16, 8:31 PM
    Question on self assessment expenses 15th Oct 16 at 8:31 PM
    Hi all,

    I started as a self employed courier two years ago and I'm filling in my first self assessment with an eye to proving my income in order to get a mortgage. Trouble is under the simplified expenses system (claiming vehicle expenses per the mile), due to covering 70,000 miles a year my expenses are almost as much as my gross income!

    70,000 - 10,000@45p 60,000@25p = £19,500

    My income is approx £20,000

    My actual expenses are approx £2,000 (oil changes, MOT etc). Won't this show the mortgage company that I earned £500 all year?
Page 1
    • Caz3121
    • By Caz3121 15th Oct 16, 8:43 PM
    • 10,290 Posts
    • 6,739 Thanks
    • #2
    • 15th Oct 16, 8:43 PM
    • #2
    • 15th Oct 16, 8:43 PM
    you will likely get more help on the taxes board here
    • WillowCat
    • By WillowCat 16th Oct 16, 11:42 AM
    • 653 Posts
    • 734 Thanks
    • #3
    • 16th Oct 16, 11:42 AM
    • #3
    • 16th Oct 16, 11:42 AM
    Are you sure your expenses are only £2,000? Cost of fuel would surely be at least £7,000 for that many miles. You have also not considered depreciation of the car, which at that mileage would be significant.

    I imagine that with correct expenses you would be earning well under minimum wage (of course I appreciate that as self employed the minimum wage rules don't apply).
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