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    • doughboy2000
    • By doughboy2000 15th Oct 16, 8:31 PM
    • 1Posts
    • 0Thanks
    Question on self assessment expenses
    • #1
    • 15th Oct 16, 8:31 PM
    Question on self assessment expenses 15th Oct 16 at 8:31 PM
    Hi all,

    I started as a self employed courier two years ago and I'm filling in my first self assessment with an eye to proving my income in order to get a mortgage. Trouble is under the simplified expenses system (claiming vehicle expenses per the mile), due to covering 70,000 miles a year my expenses are almost as much as my gross income!

    70,000 - 10,000@45p 60,000@25p = 19,500

    My income is approx 20,000

    My actual expenses are approx 2,000 (oil changes, MOT etc). Won't this show the mortgage company that I earned 500 all year?
Page 1
    • Caz3121
    • By Caz3121 15th Oct 16, 8:43 PM
    • 11,151 Posts
    • 7,325 Thanks
    • #2
    • 15th Oct 16, 8:43 PM
    • #2
    • 15th Oct 16, 8:43 PM
    you will likely get more help on the taxes board here
    • WillowCat
    • By WillowCat 16th Oct 16, 11:42 AM
    • 788 Posts
    • 955 Thanks
    • #3
    • 16th Oct 16, 11:42 AM
    • #3
    • 16th Oct 16, 11:42 AM
    Are you sure your expenses are only 2,000? Cost of fuel would surely be at least 7,000 for that many miles. You have also not considered depreciation of the car, which at that mileage would be significant.

    I imagine that with correct expenses you would be earning well under minimum wage (of course I appreciate that as self employed the minimum wage rules don't apply).
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