Doing my first self assessment tax return.

engineer_amy

sprucegs wrote: »

Thankyou ^ looks like it can all go into allowable expenses.

On another note, I registered as a handyman. My business name is my first name initial and surname (e.g. D.Frank) I'm now concentrating on garden maintenance and have had leaflets made for D.F.garden Maintenance. Does this matter? All my invoices will still just have my name (D.Frank) on them.
Thanks.

If you are not a limited company (only a sole trader) you can call yourself whatever you like, as long as you are not trying to "pass off" as another company. The slight difference in naming shouldn't cause an issue as it can still be tied back to the same entity - D Frank
I would put a small footer on your invoices "D. Frank Trading As DF Garden Maintenance" just to avoid any doubt.


OPEX and CAPEX are simply 2 different types of expenses. First is OPerating EXpenditure and covers the day to day expenses incurred in running the business such as leaflets, weedkiller, petrol for a lawnmower, anything really that could be classed as a consumable. Second is CAPital EXpenditure which is any asset expected to last more than a year such as a lawnmower, van or trailer for transporting equipment.
I haven't seen these in an income self assessment context, but in a corporation tax calculation for a limited company, as they are treated in different ways and there are certain taxable allowances and writebacks for capital expenses.

Pennywise

Dazed_and_confused wrote: »

I got made redundant in the January 2016 and started my business in May 2016. Thanks

The importance of your expenses then primarily depends on whether your business turnover was more than the personal allowance, which was £11,000 for 2016:17. If not, and you aren't married then the expenses won't make any difference to the tax payable for 2016:17 which will be £0

But there will be national insurance due on profits over about £6k, so it does matter re expenses as they may bring your profits under ~£6k and therefore mean you don't have NIC contributions to pay.

Pennywise

sprucegs wrote: »

Things like a laptop, which I needed to buy to do my invoices etc, and other equipment such as workwear etc.

Re the laptop, if you also used it for personal/household use, then you have to apportion the cost - i.e. if you used it 50:50, you can only claim half.

Re workwear, only protective clothing or logo'd uniform are allowable, so things like dayglo jackets or hard hats or steel boots, or a polo shirt with your logo embroidered. "normal" clothes such as suits, jeans, etc from "normal" shops aren't allowable even if you only ever use them for business.