Tax return

Dannyboy89

Hi ive just come to the end of my first year as a self employed plasterer. Im doing my tax return and need some help with what i claim back. For all the materials i bought for customers do i claim these back on my tax return or is it just tools etc for myself? My turnover for this year was 16k and expenses are 2k inc customers materials. Does anyone know how much tax and ni i will pay?
Thanks in advance

Darksparkle

You'd be best posting on the cutting tax forum, this is for benefits.

You could also use the help notes provided by HMRC - https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/690288/sa103f-notes_2018.pdf

Alice_Holt

Try posting in the Tax cutting forum, rather than the benefits forum.
You should get a better response.

I would guess £16k sales less expenses of £2k (is this all? - petrol, marketing costs, admin, etc) = £14k net profit.
Tax allowance £11,300.
Taxable income £2,700
Tax @ 20% = c. £540.

Are you making Pension payments? These would reduce Tax.

Dazed_and_confused

I would guess £16k sales less expenses of £2k (is this all? - petrol, marketing costs, admin, etc) = £14k net profit.
Tax allowance £11,300.
Taxable income £2,700
Tax @ 20% = c. £540.

Personal Allowance for 2017:18 is £11,500. It can only be £11,300 if your adjusted net income exceeds £100k.

And there will be Class 2 and Class 4 National Insurance to pay in addition to the tax.

Are you making Pension payments? These would reduce Tax

Unless the op has another £35k or so other income not mentioned pension payments will not save the op any tax at all. They will get a bigger pension fund due to basic rate tax relief being added to any pension contribution but unless the op is claiming Married Couple's Allowance or paying higher rate tax they don't save a standard basic rate swlf employed tax payer anything off their personal tax liability.