jordan_s Posted March 31, 2012 Share Posted March 31, 2012 Can anyone explain to me what you can claim back on a tax return please or correct me if i am wrong. So how i understand it if your income is under the tax threshold you are able to claim back all the tax you have paid during the tax year is this correct? Also again i believe that you can claim back mileage so say i have done 2000 miles in a year i would claim this back at 0.45 per mile then at 20% as thats the amount of tax i pay..... Is this also correct? Is there anything else you should claim back.... Thanks in advance Link to comment Share on other sites More sharing options...
green Posted March 31, 2012 Share Posted March 31, 2012 http://www.hmrc.gov.uk/incometax/index.htm Link to comment Share on other sites More sharing options...
jordan_s Posted March 31, 2012 Author Share Posted March 31, 2012 Theres so much information on there just link after link and i don't now where i am looking hence why i asked the question on here as someone may just know the answer Link to comment Share on other sites More sharing options...
jordan_s Posted March 31, 2012 Author Share Posted March 31, 2012 Deductable expenses are: travelling you had to do in doing your job other expenses you had to pay in doing your job - and which related only to doing your job...... Im guessing this means you can claim for tools, work clothing? What about say van mot tax ect as the van is purely business related Link to comment Share on other sites More sharing options...
HeadingNorth Posted March 31, 2012 Share Posted March 31, 2012 If your total income for the entire year, is lower than the amount of your personal allowance, you should have paid zero tax and so you can claim back whatever tax you have paid. How you go about that, I couldn't help you with. I can't even tell you what your personal allowance is, except that the most common one is £7,475, and if your tax code begins with 747 that's what yours is. Link to comment Share on other sites More sharing options...
jordan_s Posted March 31, 2012 Author Share Posted March 31, 2012 Yeah it is lower for the year as im a trainee but classed as a subcontractor with my employer so i pay 20% tax on all my income Link to comment Share on other sites More sharing options...
taxman Posted March 31, 2012 Share Posted March 31, 2012 Yeah it is lower for the year as im a trainee but classed as a subcontractor with my employer so i pay 20% tax on all my income So I assume you are in the construction industry "Payments under CIS - gross or under deduction Under CIS, there are two ways of paying subcontractors - gross or under deduction. If you are registered for gross payment, the contractor pays you in full without any deduction. So you'll need to pay tax and National Insurance contributions (NICs) on this amount later through your tax return. If you are registered for payment under deduction, the contractor takes off an amount (currently 20 per cent) before they pay you and they must pay this over to HMRC. You'll still need to pay tax and NICs on your payments later through your tax return, but HMRC will set any deductions that have already been made from your payments against this bill." Link to comment Share on other sites More sharing options...
Firparnian Posted March 31, 2012 Share Posted March 31, 2012 Suggest you contact an accountant, if your circumstances are not complicated should only cost about £100 and could possibly save you that on your tax,plus it can be offset against your tax liability. Link to comment Share on other sites More sharing options...
HeadingNorth Posted March 31, 2012 Share Posted March 31, 2012 If you are registered for payment under deduction, the contractor takes off an amount (currently 20 per cent) before they pay you and they must pay this over to HMRC. You'll still need to pay tax and NICs on your payments later through your tax return, but HMRC will set any deductions that have already been made from your payments against this bill." It appears that his bill will be for £zero. I think he needs someone to advise him on how to fill in the tax return to that effect, and how (or if!) he will get a refund. Link to comment Share on other sites More sharing options...
jordan_s Posted March 31, 2012 Author Share Posted March 31, 2012 taxman..... yes i am an electrician, and my employer pays me the net amount so he pays over my 20% tax (well i hope he has been doing anyway!!) So i invoice him with the gross, tax and net amount and he pays me the net. I then pay my own national insurance over every few months when they write to me. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.