How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8096
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have been self employed for 9 months and i wish to do my

This answer was rated:

i have been self employed for 9 months and i wish to do my 1st self assessment but need guidance as to what is tax deductible etc...
JA: Are you filing as a sole proprietor or independent contractor?
Customer: sole trader
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

What do you actually do?

Customer: replied 12 days ago.
delivery driver

What sort of vehicle do you use? Do you rent it?

Customer: replied 12 days ago.
i sub contract to amazon and am vat registered and submit my own vat returns
Customer: replied 12 days ago.
a van. i did rent 1 for the first few months and then i bought my own

The easiest way to reimburse the bought van cost is to claim 45p per mile, 25p over 25000 miles. When you rented you can claim 100%of the rental plus running costs.

,

Customer: replied 12 days ago.
is that 45p per mile i have covered since i bought the van ? what about fuel costs ?

The 45p per mile is computed to cover both the running and the capital cost of the vehicle.

Customer: replied 12 days ago.
ok thanks, what about other running cost like mobile phone, food, invoice costs and other things i might be able to claim for

Oh yes, but travel and subsistence is only allowable when you are away from your home base. Don't forget pension contributions too, a great money spinner within defined limits.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 12 days ago.
Ok thanks for your time

Delighted to have been of assistance.

 

Thank you for your support.