I am a carpentry tutor and I have purchased lots of tools is there a limit to how much I can claim or can I claim all the costs against my profits?
Thanks for visiting the Community today, mikemo271-hotmai.
Let me point you in the right direction about claiming the cost for your purchases.
You’ll have to keep records of all your business expenses as proof of your costs. Then, add all your allowable expenses for the tax year and put the total amount on your Self Assessment tax return. Also, you’ll no longer have to send in proof of expenses when you submit the tax return.
Regarding your other concern, I suggest contacting HMRC for further assistance. They can explain in detail the claim process. From there, you’ll be able to identify how much you can claim from the purchases.
For additional reference, see the following links. These resources provide a detailed list of categories for your self-employment tax.
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