How To Claim Car Expenses On Your Tax Return

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How To Claim Car Expenses On Your Tax Return

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Күн бұрын

Self employed will use a car for their business but what is the best tax strategy on the self assessment tax return for business entrepreneurs
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In this video, you will learn about
- What costs can you offset against your self employment business on a UK self assessment tax return to HMRC?
- What are the ways to write off your car costs as a self employed person on your UK tax return
- What information do you need to keep when submitting a self assessment tax return as a self employed person?
#Tax #HMRC #Property

Пікірлер: 8

@UK-Property-Tax-Accountants 2 жыл бұрын

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@stuarttaylor4192 4 ай бұрын

Great video. One question, If you're driving to a place of work and have to pay to park near your place of work, can you claim the car parking costs, even though you can't claim the mileage?

@UK-Property-Tax-Accountants 4 ай бұрын

My understanding is that you cannot claim the mileage nor parking for your usual place of work

@stuarttaylor4192 3 ай бұрын

@@UK-Property-Tax-Accountants - if that's the case it's odd that companies can provide to employees without it being a benefit in kind. www.gov.uk/expenses-and-benefits-parking-spaces

@oddjob1932 7 ай бұрын

If I may use the example of £400 being used as 40% business use to ask a question... Does this mean that I would increase my personal allowance tax up by £400, thus I would not pay tax on said £400? As I have a battered old van, I am trying to find the true cost of running a van on finance. The van would cost roughly £250 a month on finance, which equates to £3000 a year. I am not VAT registered. Assuming I use it purely for business use, how much is it actually going to cost me?

@UK-Property-Tax-Accountants 6 ай бұрын

I think it would always be better for you to speak to your accountant when discussing specific scenarios. That way you can differentiate the numbers that you discussed to find the most Tax optimum solution for you. Wishing you all the very best for 2024.