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Old 20-01-2018, 05:52 PM   #1
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Tool tax claim back

Evening

As I'm a mechanic I'm looking at claiming the tax back for my tools which I've purchased for work, anyone know how to go about It? I know there's company's out there who did it for you however I'm not prepared to pay their fees, so looking to do it myself.
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Old 20-01-2018, 05:57 PM   #2
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https://www.gov.uk/tax-relief-for-employees
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Old 20-01-2018, 05:59 PM   #3
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Am I right in thinking I fill in the p87 form on the next page?
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Old 20-01-2018, 06:07 PM   #4
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Remember your not claiming tax back, your claiming tax releif on the cost incurred at your highest marginal tax rate (if that is 20%) then you'll get 20% tax releif.

This is on the basis that the cost incurred was "wholly, exlusively & neccessarlly" in the performance of your work

So if you've laid out £100 in tools thatll be £100 x 20% = £20 tax releif.
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Old 20-01-2018, 06:29 PM   #5
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Quote:
Originally Posted by Andyg_TSi View Post
So if you've laid out £100 in tools thatll be £100 x 20% = £20 tax releif.


£100 + VAT would be £120 so he’d have paid out £120.
Pay out £100 and claim back the 20% relief and you’ll be getting £16.67 back.

Besides that, you are correct about the way it works
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Old 20-01-2018, 07:23 PM   #6
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Quote:
Originally Posted by Andyg_TSi View Post
Remember your not claiming tax back, your claiming tax releif on the cost incurred at your highest marginal tax rate (if that is 20%) then you'll get 20% tax releif.

This is on the basis that the cost incurred was "wholly, exlusively & neccessarlly" in the performance of your work

So if you've laid out £100 in tools thatll be £100 x 20% = £20 tax releif.
Understand that, how do I go about doing it.
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Old 20-01-2018, 07:35 PM   #7
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Quote:
Originally Posted by Enumero View Post
£100 + VAT would be £120 so he’d have paid out £120.
Pay out £100 and claim back the 20% relief and you’ll be getting £16.67 back.

Besides that, you are correct about the way it works
The tax relief will be on the full £120 if the cost was £100 plus vat.
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