A Q i ask every year!!

[Jelly Baby]

Ok in the midsts of doing my tax return and my brain has given up!

So i have my:

Income
Expenses

Does my wear and tear get added to my expenses so the total will be deducted off when i do it online?

Thanks

[JCrakers]

Take your wage before anything is taken off it (gross) So if you earn 10,000 a year take 10% off that. Then expenses off.


I hope, cos that's what I do. :thumbsup:

[tulip0803]

Take your wage before anything is taken off it (gross) So if you earn 10,000 a year take 10% off that. Then expenses off.


I hope, cos that's what I do. :thumbsup:

Me Too:thumbsup:

[hectors house]

Me 3 :thumbsup:

[JulieA]

Take a wage?

I calculate my income, then deduct expenses incurred including wear and tear and utility allowances. Then whatever is left I pay tax on.

Are you saying I can take a wage as well from my expenses?

[sarah707]

Our wage is the amount left over after everyone else has had their pound of flesh :rolleyes:

Income total

- expenses total which includes 10% wear and tear, food, petrol etc etc etc

= amount to pay tax and possibly NI class 4 on depending on how much you earn.

Hth :D

[MrAnchovy]

To be clear, the numbers you put on your tax return are:

Your total income before anything is taken off

Your total expenses* including wear and tear allowance

It then calculates your profit for you (online) or tells you what calculation to do (on paper - but you are too late for that now anyway).

.

* excluding any capital expenditure which if allowable (not cars or building work other than repairs and maintenance) you put in Annual Investment Allowance under Capital Allowances (some Writing Down or Balancing Allowance may be claimed for cars but it is complicated).