Self Employed - Am I entitled to a rebate?

guntherbuffalo

Hi,

I am self employed and filling out my tax return for the year.

I have documented all my income and expenses and it looks like my income will be below the tax threshold, meaning I should not have to pay any tax for the year.

However I have made quite a few expenses for my business during the year. As I won't be paying any tax for the year I won't have any of my expenses deducted from tax., so...do I get those deductions as a rebate?

McKneff

No, if you haven't paid any tax, there is no tax there to refund you.

guntherbuffalo

Fair enough. For some reason I thought they might re-pay you the VAT of the items you purchased as expenses.

Jordxn

guntherbuffalo wrote: »

Fair enough. For some reason I thought they might re-pay you the VAT of the items you purchased as expenses.

Are you VAT registered?

guntherbuffalo

No I am not.

McKneff

Only if you were VAT registered would it make any difference.

Sorry, just seen your earlier post.

[Deleted User]

If you have losses, I suppose the next question is - did you pay Tax during the last 5 years?

You can claim tax back from previous years - so you may be entitled to claim some back.

Research losses and how to offset them against previous year income tax paid.

You could of course carry them forward for next year.

HTH