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Science Forum Index » Language Translation Forum » UK self-assessment expenses
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| Amy |
 Posted: Tue Apr 22, 2008 5:08 am |
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Hello
I am a freelance translator working in the UK and have been completing my
annual self-assessment tax return for some years. My income is good, but I
seem to record a very small amount of allowable expenditure against my
earnings. I claim for a proportion of my household bills (I work from
home), computer equipment, telephone and networking costs, stationery and
postage, but it never seems to amount to very much.
Am I missing something, or is this the case for all freelance translators?
My earnings increased dramatically over the last financial year, but my
expenditure seems to have fallen!
Thanks in advance for your advice.
Amy |
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| Tony Vella |
| Posted: Tue Apr 22, 2008 7:54 am |
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"Amy" <nospamplease@ntlworld.com> wrote in message
news:OOiPj.86513$4f4.42453@newsfe6-win.ntli.net...
Quote: Hello
I am a freelance translator working in the UK and have been completing my
annual self-assessment tax return for some years. My income is good, but
I seem to record a very small amount of allowable expenditure against my
earnings. I claim for a proportion of my household bills (I work from
home), computer equipment, telephone and networking costs, stationery and
postage, but it never seems to amount to very much.
Am I missing something, or is this the case for all freelance translators?
My earnings increased dramatically over the last financial year, but my
expenditure seems to have fallen!
Thanks in advance for your advice.
Hello Amy.
I am in Canada and many years ago I had what our Income Tax system calls
"Office at Home" because I was doing contract work for local foreign
embassies at home besides my regular job for the Canadian government. I
used to include all the deductions you mentioned - a percentage, of course -
but I was also allowed by our income tax system to claim 17% of housing
expenses (my office was one room out of six =17%) such as mortgage, mortgage
interest, heating and air-conditioning costs, cleaning costs (lady came in
two mornings a week); 17% per annum depreciation of furniture (off original
cost of desk, filing cabinets, computer chair, etc.). I was allowed car
expenses by keeping track of the percentage of the car's use for "office at
home" purposes against total use. I was also allowed to claim my
accountant's fees (I wouldn't have known where to start preparing the tax
return myself) and my legal fees (A lawyers expenses to cover my a** re.
conflict of interest - working for 4 governments at the same time including
my own). For the number of years I did this, my return consisted of
something like 40 pages plus receipts. Generous contributions to political
parties - donations to charities, 27% deductable; to political parties, 75%
deductable.
I don't know how much of this applies in the UK, but hope it helps anyway.
I personally would touch base with a tax consultant/accountant - worth every
penny.
--
Tony Vella
Ottawa, Ontario, Canada
http://amedialuz.shorturl.com |
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| Peter Ellis |
| Posted: Tue Apr 22, 2008 1:03 pm |
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The message <OOiPj.86513$4f4.42453@newsfe6-win.ntli.net>
from "Amy" <nospamplease@ntlworld.com> contains these words:
Quote: Hello
I am a freelance translator working in the UK and have been completing my
annual self-assessment tax return for some years. My income is good, but I
seem to record a very small amount of allowable expenditure against my
earnings. I claim for a proportion of my household bills (I work from
home), computer equipment, telephone and networking costs, stationery and
postage, but it never seems to amount to very much.
Am I missing something, or is this the case for all freelance translators?
My earnings increased dramatically over the last financial year, but my
expenditure seems to have fallen!
Thanks in advance for your advice.
Amy
You might need to be wary on a proportion of household bills as home
office, in case they claim part commercial use and raise your council
tax. Also there may be tax issues when you come to sell your house. I'd
talk to an accountant locally. It could be money well spent and will be
deductable anyway.
I don't know much, but if you know the right questions you stand more
chance of getting the right answers! Potentially there could be useful
offsets with home office, but not if you get clobbered elsewhere for
claiming them.
Cheers
Peter (struggling to understand Croatian taxation) |
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