Post by HeathyHere » Wed Jan 15, 2020 12:52 am

I'm trying to do my self assessment, its my first year being self employed. I have been looking at my business expenses to see what tax I can claim back, I've been using a good few resources such as https://www.gov.uk/expenses-if-youre-self-employed and https://www.income-tax.co.uk/ but not clear on what this covers. Can I get 20% back on my Opencart costs and also hosting too? I know I can for the hardware like the new PC but not sure if this covers software? Is there any information for industry specific business expenses?
I'm terrible at math and regret trying to do this myself, hiring an accountant next year, as I now realise my knowledge of the tax system is near non-existent :choke:

Thanks in advance

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Post by D3MO » Wed Jan 15, 2020 1:34 am

In each country is diferrent what you can declare as your expenses. (for example in my country you can declare as your expenses almost anything what helps you earn money) . and are used at work. like you mentioned new commputers that means also new software , the very same as you would hire someone to do the custom module and pay for the task from your company money, the developer then can issue you an invoice then you can declare as expenses

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Post by Burt65 » Fri Jan 24, 2020 2:12 pm

HeathyHere wrote:
Wed Jan 15, 2020 12:52 am
I'm trying to do my self assessment, its my first year being self employed. I have been looking at my business expenses to see what tax I can claim back, I've been using a good few resources such as https://www.gov.uk/expenses-if-youre-self-employed and https://www.income-tax.co.uk/ but not clear on what this covers. Can I get 20% back on my Opencart costs and also hosting too? I know I can for the hardware like the new PC but not sure if this covers software? Is there any information for industry specific business expenses?
I'm terrible at math and regret trying to do this myself, hiring an accountant next year, as I now realise my knowledge of the tax system is near non-existent :choke:

Thanks in advance
Best option would be for the first year to get a tax agent (accountant) to do it for you. Then the year after you just need to see which items he/she did claim and just do it yourself.. Remember, even an accountant is possibly not up to date with the latest in taxes, so it pays to shop around...

Every country is different..

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