1st time self-assesment form

SVts

eskbanker said:

SVts said:

eskbanker said:

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

Leads to another question if I may.

£8429 is turnover not allowing for fuel costs. How would I prove the amount spent on fuel? What evidence would they require? 

You need to keep records, such as receipts:

https://www.gov.uk/self-employed-records/what-records-to-keep

I also use the vehicle for personal use. That make any difference?

eskbanker

SVts said:

eskbanker said:

SVts said:

eskbanker said:

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

Leads to another question if I may.

£8429 is turnover not allowing for fuel costs. How would I prove the amount spent on fuel? What evidence would they require? 

You need to keep records, such as receipts:

https://www.gov.uk/self-employed-records/what-records-to-keep

I also use the vehicle for personal use. That make any difference?

Yes, but this is in danger of straying more into the territory of how self-employment works, rather than tax/NI as such, so if you haven't already established which costs are allowable business expenses then you need to read up on this in more detail on the HMRC pages devoted to that, such as https://www.gov.uk/expenses-if-youre-self-employed/travel

InMyDreams

SVts said:

eskbanker said:

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

Leads to another question if I may.

£8429 is turnover not allowing for fuel costs. How would I prove the amount spent on fuel? What evidence would they require? 

You can’t simply claim fuel costs a business expense, even if you have petrol/diesel receipts.

You can claim mileage (with appropriate records of what business miles you have done) but you might be better off claiming the trading allowance of £1,000 if your total business expenses including mileage come to less than that. You don’t need any evidence to claim the trading allowance, but you can’t claim any other expenses on top. It’s one of the other.

sheramber

You need to keep a log of business mileage and personal mileage.

Any vehicle expenses will be split according to the percentage of business use and the percentage of personal use.

You need to keep receipts fr any claims.

Alternatively, you can claim fised rate expenses for business mileage ., Yjos covers all  vehicle expenses so you cannot  claim any other vehicle expenses.

There is a trading allowance available of £1000, which you claim instead of individual expenses, This is a fixed sum of £1000 and you do need any receipts.

You need to read the notes for self employment.

https://assets.publishing.service.gov.uk/media/65fd5a42f1d3a0001132ad8f/sa103s-notes-2024.pdf

SVts

sheramber said:

You need to keep a log of business mileage and personal mileage.

Any vehicle expenses will be split according to the percentage of business use and the percentage of personal use.

You need to keep receipts fr any claims.

Alternatively, you can claim fised rate expenses for business mileage ., Yjos covers all  vehicle expenses so you cannot  claim any other vehicle expenses.

There is a trading allowance available of £1000, which you claim instead of individual expenses, This is a fixed sum of £1000 and you do need any receipts.

You need to read the notes for self employment.

https://assets.publishing.service.gov.uk/media/65fd5a42f1d3a0001132ad8f/sa103s-notes-2024.pdf

Ok thanks. I have kept a very accurate record of each business mileage trip. I’ll give the notes a read, thanks.