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UK - tax relief on business equipement?
Thread poster: Nathalie Coutelle

Nathalie Coutelle  Identity Verified
Spain
Local time: 14:26
Member
English to French
+ ...
Dec 1, 2008

Dear all,

I have now relocated to the UK and need to declare my activity as freelance translator/interpreter.

But I have one question :

1-Is it possible to benefit from tax relief on business equipement (purchase of computer, car) and services (internet, phone line rental...)

Any advice/piece of information will be more than welcome

Thanks in advance.


Nathalie


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Lenah Susianty  Identity Verified
United Kingdom
Local time: 13:26
Member (2004)
English to Indonesian
+ ...
self-employed Dec 1, 2008

If you are registered as self-employed, you can report your business expenditure when you fill in the tax return form. They don't ask the details, so usually I also calculate the cost of translation conferences, courses, software, other equipments I have to buy during that tax year since they are part of the business. But also make sure you have the receipts for all those stuff in case they ask you.

Good luck


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nordiste  Identity Verified
France
Local time: 14:26
Member (2005)
English to French
+ ...
see official UK Tax website Dec 1, 2008

I am sure you'll find usefull information on the UK Tax & revenue website

http://www.hmrc.gov.uk/index.htm

Freelancers are usually what is called "self employed"



[Edited at 2008-12-01 12:32 GMT]


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Nathalie Coutelle  Identity Verified
Spain
Local time: 14:26
Member
English to French
+ ...
TOPIC STARTER
Tax relief on business equipement Dec 1, 2008

Thanks very much Lenah

But do you need to register for VAT and pay VAT to benefit from this tax relief?

Nathalie


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Ruth Martinez  Identity Verified
Spain
Member (2004)
English to Spanish
+ ...
Allowable Business Expenses and Capital Allowances Dec 1, 2008

Hi Nathalie,

In the UK these these are divided in two different categories: Allowable Business Expenses and Capital Allowances.

Check the following links for definitions and to find out how much you might be able to claim:

http://www.hmrc.gov.uk/worksheets/sa103s-notes.pdf

http://www.hmrc.gov.uk/incometax/tax-allow-ees.htm

The Business Link and Business Gateway websites are always good sources of business advice:

http://www.businesslink.gov.uk

http://www.bgateway.com

Good luck,

Ruth


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Ruth Martinez  Identity Verified
Spain
Member (2004)
English to Spanish
+ ...
VAT Threshold: £67,000 Dec 1, 2008

Nathalie:

You do not need to register for VAT unless your turnover for the previous 12 months is over £67,000 - or if you think your turnover may soon go over this limit.

And you do not need to be registered for VAT in order to claim Expenses and/or Capital Allowances.

Ruth


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Nathalie Coutelle  Identity Verified
Spain
Local time: 14:26
Member
English to French
+ ...
TOPIC STARTER
Thanks Dec 1, 2008

Thanks to all of you for your very helpful and quick answers.

Nathalie


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Lenah Susianty  Identity Verified
United Kingdom
Local time: 13:26
Member (2004)
English to Indonesian
+ ...
no vat Dec 1, 2008

No we don't have to have VAT, just self-employed and every year they have different allowance level too, which is good!

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Marijke Singer  Identity Verified
United Kingdom
Local time: 13:26
Dutch to English
+ ...
You do not have to register for VAT Dec 2, 2008

Nathalie Coutelle wrote:

Thanks very much Lenah

But do you need to register for VAT and pay VAT to benefit from this tax relief?

Nathalie


No, you can deduct business expenses without registering for VAT.


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