Self assessment

AndyTheSilent

Well-Known Member
As i run my own limited company I already have to submit a self assessment every year for tax. At the end of this current tax year I will have been paid more than £1k so I need to include that on my form to keep HMRC happy.
So my question is does anyone have any idea what expenses and how we can offset them? It's:
- nearly £3 a round
- plus x rounds for zero checking
- cost of large game certificate
- any guns/scopes/equipment purchased
- fuel
 
You can claim, or could, part of every room as an expense. So that would be part of the room where your gun cabinet is with its heating costs. Part of the heating of the room where you do your reloading. Part of your telephone use for contacting clients and of course any professional liability insurance or annual required membership of an association that gives you that insurance and part of the cost (or mileage at 45p) on your vehicle to and from the stalking ground and too and from the gamedealer. If you use your rifles solely for business then even the cost of the FAC and the cost of any medical assessment (just as would a lorry driver claim costs of their medical assessment). But...so as not to fall foul always enclose a letter saying that to the best of your belief and subject to approval by HMRC you ask if the listed expenses be allowed.
 
You can claim, or could, part of every room as an expense. So that would be part of the room where your gun cabinet is with its heating costs. Part of the heating of the room where you do your reloading. Part of your telephone use for contacting clients and of course any professional liability insurance or annual required membership of an association that gives you that insurance and part of the cost (or mileage at 45p) on your vehicle to and from the stalking ground and too and from the gamedealer. If you use your rifles solely for business then even the cost of the FAC and the cost of any medical assessment (just as would a lorry driver claim costs of their medical assessment). But...so as not to fall foul always enclose a letter saying that to the best of your belief and subject to approval by HMRC you ask if the listed expenses be allowed.

I was always under the impression claiming part of your house, a room as a business expense could cause other tax problems. capital gains? if you ever sold the house? Think this applies if the area, room is dedicated to business use.
 
I was always under the impression claiming part of your house, a room as a business expense could cause other tax problems. capital gains? if you ever sold the house? Think this applies if the area, room is dedicated to business use.
My accountant told me this years ago. So I don't claim for "use of office", not worth the risk.
 
Pay and accountant you are then insured in case they do an inspection.
HMRC are a complete pain in the arse to deal with, especially if you have an issue.
Good advice, let the people who do it all year around not just once a year. My Accountant is retiring but both his sons are taking over and remember me going in with the shoe box of receipts and trying to listen to the stories from outside the office.
First time dealing with "Dan" he asked me to recount a few as his Dad said you will have to ask Tim lol
 
Thanks all, looks like I'll be getting an accountant to do it then. I work in IT so use "Crunch" for my accounts, has anyone used these for their self assessment as I have a feeling they may struggle with the concept of stalking/shooting....
Apart from Crunch are there any accountants either online or near Crediton in Devon you can recommend?

Cheers
 
As i run my own limited company I already have to submit a self assessment every year for tax. At the end of this current tax year I will have been paid more than £1k so I need to include that on my form to keep HMRC happy.
So my question is does anyone have any idea what expenses and how we can offset them? It's:
- nearly £3 a round
- plus x rounds for zero checking
- cost of large game certificate
- any guns/scopes/equipment purchased
- fuel
I offset all my shooting related expenses.
I don't use an accountant.
I complete the self assessment myself.
 
Diesel, ammunition, rifles, scopes, binos, dog food, vet bills, insurance, atvs anything you need and use for work are all costs to the business.
As advised pay an accountant to do it a good one should more than cover their costs.
 
Keep it all clear and transparent and have an accountant sort it out every year, all I do every quarter send everything in and he processes it all at his own pace then the last quarter a tidy up and any anomalies from the previous 3 of 4 of the year are all sorted

Depending on your turnover, you may have to submit quarterly anyway

The accountant will on occasions save you some money and reduce your own workload, priceless 👍 and keep you out of the tax review spotlight, its worth it
 
I thank others for the advice on the room claims which is why I think it is why you only claim part of the cost of heating it. But as others wisely say seek professional advice as what was OK once may now no longer be OK.

Here's a link, that, yes, warns about the Capital Gains so note the £6.00 a week "flat rate" with that. It is a good thing that SD has others happy to highlight when mistaken advice is given or to claim part of the cost of heating it and etc.. Thank you to those that followed up on my posting.


See below mentioned in the link above:

Common Mistakes to Avoid

Forgetting About Capital Gains Tax Implications

If you claim a proportion of your home as exclusively business use, you may face Capital Gains Tax on that portion when you sell your property. This is why many people stick to the £6 weekly allowance or ensure some personal use of the claimed space.
 
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lots of pain to come for the self employed


Luckily my other ventures are under that and are caught by my limited company. However a few years back I'd have been caught by it. All crap for anyone who manages to create wealth situations and only be hammered down. I'm from a northern working class family, from a council estate and the more I strive to make my and my families life easier the more the government makes it harder. There's a number of people i grew up with who appear on FB to not work but have great lives is troubling, but still I instill into my kids that ive worked, my wife has worked and so will they
 
I run 2 buissnesses and have a rental property, if i get a tax investigation and dont end up with a bill i will be annoyed.
 
you don’t want a tax investigation, they can go back five years, so yes the probability of getting a bill is likely high 😂
 
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