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Expenses questions

Mr.Wrong
Posts: 90 Forumite
in Cutting tax
Hi guys.
Just a quick question about expenses...
I am self employed, and not on a high wage so assuming I have £500-1000 tax to pay at the end of the tax year ( i am in CIS so 20% is deducted and obviously repaid back to me but I will owe some still if I earn enough)
Lets say I have £500 in tax to be paid, can I have expenses up to the amount of tax owed so that I don't actually pay any tax and I get new tools etc?
I am a little new to it all and am looking to buy some tools, safety work wear.
ALSO
big question, can I claim back my CSCS test/card/health and safety course fees back?
many thanks
Just a quick question about expenses...
I am self employed, and not on a high wage so assuming I have £500-1000 tax to pay at the end of the tax year ( i am in CIS so 20% is deducted and obviously repaid back to me but I will owe some still if I earn enough)
Lets say I have £500 in tax to be paid, can I have expenses up to the amount of tax owed so that I don't actually pay any tax and I get new tools etc?
I am a little new to it all and am looking to buy some tools, safety work wear.
ALSO
big question, can I claim back my CSCS test/card/health and safety course fees back?
many thanks
0
Comments
-
Hi guys.
Just a quick question about expenses...
I am self employed, and not on a high wage so assuming I have £500-1000 tax to pay at the end of the tax year ( i am in CIS so 20% is deducted and obviously repaid back to me but I will owe some still if I earn enough)
Lets say I have £500 in tax to be paid, can I have expenses up to the amount of tax owed so that I don't actually pay any tax and I get new tools etc?
I am a little new to it all and am looking to buy some tools, safety work wear.
ALSO
big question, can I claim back my CSCS test/card/health and safety course fees back?
many thanks
If all your labour income is in the CIS scheme then 20% tax will have been deducted from it. In these circumstances I don't quite see how you can owe more tax, in fact, most people in your situation get their tax returns in before the end of April to get the refund.The only thing that is constant is change.0
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