The single most important thing is to try and be organised. Not only will it make your tax claim quicker to deal with, it makes it far easier to evidence and submit. We’ll have it all on electronic record for HMRC, should the need arise.
The rules surrounding what can and can’t be a business expense are designed by HMRC to make them as complicated as possible, in our opinion! For every rule there will be a set of sub rules that almost negate everything in the rule – see even saying it is complicated!
When going through your income and expenses, as we’ve already said, keep all your receipts and we can determine those that are eligible for claiming tax back on for your employment status, as the rules do differ slightly between self-employment (CIS) and PAYE.
Driving your own vehicle to different work sites, appointments and traveling to heliports will make up the largest amount of your tax claim. This does need documenting and at the end of the tax year, we will go through it with you to help you remember where you were, for how long and when. To make it easier for you, we’d suggest you get a small pocket diary or paper type calendar, keep it in your car and jot down the visited postcodes.
Google maps is our friend and if we know post code details we can build that mileage log for you!
It’s that easy, so do give it a try!