Claiming back Expenses

[cheryl knowles]

I have been self employed almost 2 years and i'm registered as a Sole Trader.
Basicly what i want to know is whether i am entitled to claiming back expenses or not?
I don't make much profit to be honest yet do lay out alot with expenses,mostly on fuel and other car expenses.I don't earn enough to pay any Tax,though i have been paying NI.
I filled my Self Assessment months back, including my expenses. Not sure if i will get my expenses back or not. I'd appreciate someone telling me because no matter what advice i have read anywhere it can't seem to answer my question.
Not sure whether its worth me carrying on my business .Thanks

 

[TheCyclingProgrammer]

You don’t “reclaim your expenses”. You get tax relief on them. In other words you deduct your deductible expenses from your sales to get your taxable profit and that is what you’re taxed on. If your profit is below the personal tax threshold then you won’t get anything back.

 

[WaveJumper]

Sit down and have a real good look at your figures, sounds like you have the foundations in place but need to grow it.

Can you cut your expenses down it’s surprising how a little saving and trimming here and there can soon make a difference.

Are your prices to low, are you trying to undercut the competition not always a good idea, make your services the best.

Are customers coming back, are you getting repeat business if not why not. The business is obviously still growing are you looking for new clients in the right places, don’t just rely on one method. Can you bolt on additional services which could increase income further.

It can take time to build a business up, keep reviewing what your doing on a regular basis and hopefully that income and profit will begin to grow. Best of luck

 

[MyAccountantOnline]

I have been self employed almost 2 years and i'm registered as a Sole Trader.
Basicly what i want to know is whether i am entitled to claiming back expenses or not?
I don't make much profit to be honest yet do lay out alot with expenses,mostly on fuel and other car expenses.I don't earn enough to pay any Tax,though i have been paying NI.
I filled my Self Assessment months back, including my expenses. Not sure if i will get my expenses back or not. I'd appreciate someone telling me because no matter what advice i have read anywhere it can't seem to answer my question.
Not sure whether its worth me carrying on my business .Thanks

You've already 'claimed back your expenses' if you included them on your tax return - they will have reduced the amount of income on which you paid tax.

Self employed people claim tax relief on business expenses thats what the term claiming back expenses will mean for you.

Have you read the HMRC guidance on self employed expenses and considered claiming simplified expenses? It might be easier for you if you are looking after your own tax affairs,

 

[cheryl knowles]

Thanks. At least it answers my question.
As far as profits are concerned its quite hard because i've had some people let me down. I've had meetings with potential clients ,as far as i was concerned they would go well. They'd give me the impression they were happy to use my service,even writing figures down and saying what date they want me to start from.And discussing the keys . Then i later get a message to say they have found a family member to do the job and sorry for the inconvenience. This has happened at last 3 times.
Yet they see positive reviews for me on my profiles.
I have 4 regular clients who are always happy with my service.
I have tried getting business through putting a flyer in several shop windows and posting business cards through doors. Even paying for ads on Facebook. I get likes but no business.
I tend to get more money petsitting ,but it is only really on a casual basis.
I use my car to do my jobs. Going to petsitting jobs is fine as most are local,but the dog walking is about 4 miles away and they don'yt pay me enough to make it worth my while. I try to get dog walking in the same areas so i have more than 2 dogs to walk at a time but no one seems to want my service. I could keep trying but losing hope now.
Someone asked me to House-Sit while looking after their dog for a week but as i have children i had to turn it down being a single parent.