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Claiming expense vat
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MK124RED
Posts: 8 Forumite

in Cutting tax
Hi all,
Unsure on this - I have a small side business earning less than £1000 so I don't need to do a self assessment. However, can I still claim back 45p per mile and 20% on business costs? I can't find a way to do this without completing a self assessment. Thanks.
Unsure on this - I have a small side business earning less than £1000 so I don't need to do a self assessment. However, can I still claim back 45p per mile and 20% on business costs? I can't find a way to do this without completing a self assessment. Thanks.
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Comments
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You don’t claim them back, just offset against your business takings to arrive at your net profit.0
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are "you" already VAT registered?
If not I fail to see why you think you can reclaim 20% "expense vat"
If you are VAT registered then it suggests you have no idea what you are doing, as obviously you'd claim via your Vat return
if your total gross income is <£1,000 then obviously it falls entirely within the trading allowance, so you do not need to do anything as you would have zero taxable profit anyway.
if you want to declare a loss then you should get an accountant as claiming losses is a technical area that is easy to get wrong.0 -
Bookworm105 said:are "you" already VAT registered?
If not I fail to see why you think you can reclaim 20%
If you are VAT registered then it suggests you have no idea what you are doing, as obviously you'd claim via your Vat return
if your total gross income is <£1,000 then obviously it falls entirely within the trading allowance, so you do not need to do anything as you would have zero taxable profit anyway.
if you want to declare a loss then you should get an accountant as claiming losses is a technical area that is easy to get wrong.Perhaps they are of the opinion that one can automatically receive 20% back regardless of profit as many do.0 -
Because you don't report your income uner £1000 you have already been given the equivalent of tx relief equal to your profit figure
Is the amount of tax relief you want to claim more than your profit figure?0
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