[UK] Not 100% on topic but hoping I could get some tax advice..

[JMills]

Hi

I run a small electronics repair/refurb shop and sell products online. I have only recently learnt of claiming business expenses to reduce income tax and was wondering how it worked? I was wondering if I could claim i.e my hosting server w/ website, inventory database & vmart checkout? How would I go about doing this? I've looked at some sites (see here) but can't find a lot about it. Can someone point me to some good resources?

Thanks

[GJC Web Design]

Correct - not really a topic for here..   but generally  -- if you are a registered business then you can offset legit business expenses against income.

U need proper invoices raised against your "business"  -- I have no idea about UK tax forms etc but normally there is a section in your yearly tax return where you list your expenses and this is subtracted from your taxable income

[jenkinhill]

Expenses incurred on running a business can be offset against gross profit, and should be fully documented in your business accounts (with receipts etc available). You can get help on this from your accountant or an organsaition such as the Federation for Small Businesses or your local chamber of commerce. In the UK a copy of the business accounts (or a summary prepared by an accountant or auditor) is generally submitted with the tax return. My accountant does all that for me.

[JMills]

Expenses incurred on running a business can be offset against gross profit, and should be fully documented in your business accounts (with receipts etc available). You can get help on this from your accountant or an organsaition such as the Federation for Small Businesses or your local chamber of commerce. In the UK a copy of the business accounts (or a summary prepared by an accountant or auditor) is generally submitted with the tax return. My accountant does all that for me.

That's super useful - I'm going to have to think about hiring an accountant

Thanks GJC and jenkinhill!