Do you have to provide your own tools and equipment for work? If so, did you know that you may be able to claim a tax rebate against the cost of buying, maintaining, cleaning and repairing your tools and equipment? The majority of UK workers are unaware that PAYE Taxpayers can claim tax relief against the costs involved with providing tools and equipment for work – without the need to go onto Self Assessment. What’s more, you can actually claim back further through PAYE than through Self Assessment – right back to April 2004 in fact. And best of all, you don’t even need to provide receipts or proof of purchase.
The truth is however, that the online tax filing of your year’s earnings is highly safe and is also the fastest and most simple form of tax lodgement. If you are one of the dubious filers, there are added ways to ensure your privacy is adhered to and your tax information is safe.
Firstly, there are numerous online tax filing services available in every country, the trick is to choose one that is fully established, reputable and safety assured. If you find that there are newer companies offering the service, without previous acclamations, and are cheap, then avoid them!
You are much safer to go through channels that have already been tried and tested and proven to get your tax rebate to you hassle free and without breach. The best are those advertised and supported by the government taxation department. If an online tax filing service if affiliated with them, then they are the most trustworthy and efficient service to use, as they are often given preference by the tax department and their online tax filing system is direct.
The rates are pre-negotiated with relevant industry bodies, large employers and trade unions – so you won’t need to provide receipts or proof of purchase. You won’t even need to be a member of the trade union. If you claim Flat Rate Expenses, you’ll be refunded the average amount somebody in your industry and job type will spend on tools and equipment in a single year. So there’s no hunting around for missing receipts, because HMRC already knows how much to refund you.
Flat Rate Expenses – a worked example Jon works as a car mechanic and has been in the trade since April 2004. Like many mechanics, he has to provide his own tools and equipment for work. In fact, Jon has been buying tools and equipment throughout his career as a mechanic, and during this time has worked for 3 different garages. Jon can claim Flat Rate Expenses of between 100 and 120 for each year back to April 2004 – the year he started work as a mechanic. In fact, our Technical Team have calculated that Jon is eligible for 640 in FRE tax relief.
This means not writing it down where it can be stolen or copied; not sharing it with your friends or colleagues; and not using the same password for multiple sites. Even if a portion of your information is obtained from a website, the full details are virtually impossible to access from elsewhere without the correct password.
Online tax returns are the way of the future, but can be taken advantage of now, and have been proven to be safe, simple and swift.
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