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how much money should i expect back?

hi folks,
just a quick 1 im an electrical contractor who has been using my car to get to sites on occasions,(my company dont pay me miles within a certain distance) im aware i can claim the tax back on my costs using a p87 form i think? so i have been noting my miles down.

ive also been informed i can claim costs for tools back using the same form.

so my predicament is i need some new tools in the region of £750+ so i was wondering if i claimed 2500miles and the cost of these tools, how much would i be looking at getting back? or would they just change my tax code? just so i know what position im in before the tax year, wether i need to be quick in purchasing the tools or not lol.
cheers in advance

Comments

  • System
    System Posts: 178,365 Community Admin
    10,000 Posts Photogenic Name Dropper
    edited 13 March 2011 at 2:43PM
    2500 miles @40p/mile = £1000 + £750 for your tools = £1750

    You get tax relief on that at 20% or 40% depending on your level of income so

    £1750 @20% = £350 refund
    £1750 @40% = £700 "
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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