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Free Tax Claim Factsheets
Tax Claim Facts regarding Tax Rebates on Tools for work use
There are many professions where tools are required to complete your job, for example tradesmen and vehicle mechanics. If you have purchased tools or equipment to complete your job you may be entitled to claim tax relief on the amounts you have spent. Tax Rebate Services has over 30 years professional taxation experience and is a registered HMRC agent. To help you further in reclaiming a tools tax rebate please find below some helpful tools tax facts.
Included below, the following information on tool tax allowances:
Tax Relief on Tools | Flat Rate Expenses | Capital Allowances | Specialist Clothing
Introduction – tax relief on tools
HMRC allows tax relief on the cost of tools and equipment purchased for work use, and for specialist clothing required for you to complete your job. To qualify the tools and equipment and specialist clothing have to be purchased specifically for work use, not supplied by your employer and the cost not reimbursed by your employer.
Tax relief for tools - Flat Rate Expenses
The tax relief can be claimed by a flat rate deduction. A flat rate deduction is a nationally agreed amount with HMRC. The amount is included in your tax code resulting in you paying less tax in future years unless your circumstances change. HMRC will not require receipts. The flat rate deduction is not permissible if you are reimbursed for the cost of tools by your employer.
A claim can potentially be made for the last five tax years starting currently from the 2006-2007 tax year.
If you spend more than £120 per year on tools and equipment it is worth considering that it is possible to claim tax relief on the actual amounts you spend through a capital allowances claim.
Tax relief for tools - Capital Allowances
A tools tax rebate claim can be potentially made for the actual cost of tools and equipment purchased for work use through a capital allowances claim. HMRC will require receipts/proof of purchase for example a Snap On tools or Mac tools activity list.
A tools tax rebate claim can potentially be made for as far back as a receipt / proof of purchase can be provided.
Not all purchases are permissible by HMRC and each item must meet the plant and machinery test.
Additional related information - tax relief for Specialist Clothing
HMRC allows tax relief for purchases of protective clothing for example gloves and boots. To qualify for a tax rebate the item must not be supplied by your employer, the cost of the item purchased must be met personally and not reimbursed by your employer. A claim cannot be made for the initial purchase of the item just replacement / repairing/cleaning.
Industry Specific Tax Fact Sheets: Education | Health | Vehicle Technicans / Mechanics | Construction Industry Scheme (CIS) | Trades / Construction Industry under PAYE | Business Mileage | Left or Leaving the UK | Tax Rebates on Tools for Work | Tax Rebates on Work Uniforms