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Original poster

What do you add to your tax returns?

8 replies

Dirtyslippers · 15/01/2023 09:37

Just completed my first one and it was surprisingly straight forward and I’m worried I missed something.
what do you add to reduce your tax bill?

OP posts:
Passthewinebottle · 15/01/2023 15:15

What's your reason for needing to complete a tax return? Self-employed? Rental income? £100k plus earner?

HappyHolidai · 15/01/2023 15:18

How do you mean? Your tax bill is based on income and allowable deductions. You can't just add stuff to reduce it!

Passthewinebottle · 15/01/2023 15:23

HappyHolidai · 15/01/2023 15:18

How do you mean? Your tax bill is based on income and allowable deductions. You can't just add stuff to reduce it!

Well yes & no. Obviously you can't claim what you aren't entitled to, but things like WFH allowance, uniform allowance, professional subscriptions, employment expenses paid personally to name a few.

BCxx · 15/01/2023 15:25

It’s my first time doing one and I’m sure I could add heating and electric costs as I WFH running my business but I’m not confident enough to do it myself

HappyHolidai · 15/01/2023 15:26

Passthewinebottle · 15/01/2023 15:23

Well yes & no. Obviously you can't claim what you aren't entitled to, but things like WFH allowance, uniform allowance, professional subscriptions, employment expenses paid personally to name a few.

Show quote history

Like... allowable deductions then?!

Passthewinebottle · 15/01/2023 15:30

BCxx · 15/01/2023 15:25

It’s my first time doing one and I’m sure I could add heating and electric costs as I WFH running my business but I’m not confident enough to do it myself

I'll post the link of the site I use to calc this, but essentially (& this is just a v basic run through), add up certain expenses, incl mortgage interest or rent, divide by the rooms in your house, then apportion for how many days a week, so for my clients it's usually 5/7 if they work full time, and this apportionment also avoids any potential CGT issue when you come to sell.

Passthewinebottle · 15/01/2023 15:32

@HappyHolidai - missed that bit, doh 🤦🏻‍♀️🤣

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