Are you a payee employee in the motor or engineering industry? Do you often require to work with different tools and equipment to carry out your job? Are you putting your cash to make tools purchase yet not claimed that amount from an employer? It is time to get the Tools Tax refund right now.
HMRC has provided the tax relief guidelines and mentioned that you may be eligible to claim the tax back for your cost of buying and maintaining tools. Keep in mind that the tax refund is available only when you have paid your money for tools.
The cost of purchasing your equipment and tools can increase over the years. You can be able to claim a refund of around 20% of the cost on the purchased tools to perform the specific work as long as you have not reimbursed for your purchases from previous or current employers.
Do not forget that you should keep the receipts and written documents for purchasing the tools with your money. If you fail to submit the receipt, then you will not get the claim completely. However, there is still a way to claim but it is restricted to the flat-rate allowance mentioned by HMRC.
How long can you claim back for?
Many people have confused about how long to get the tax refund claim. It is usually allowed to get the tools tax back for the past four years. It means you have to purchase and maintain the tools for the last four years. However, if you have the receipts, which go back further for equipment that is still in access, then you may also get the claim.
Eligible criteria for a refund
If you want to get a refund for your tools tax, then you should:-
- have earned enough money to pay the income tax
- have paid for all the tools and equipment yourself
- have the receipts for all the purchased tools
- have the potent to demonstrate that all the tools are important for you to complete the work
As soon as you fulfill these criteria, you will be able to get the Tools Tax refund. Whenever you are unsure about the claim, you can join hands with the experts.
Reasons to hire the experts
Not all the mechanics and technical people in the construction and related industries are educated enough to get the claim for the tools tax. Some may know the available refund option but not aware of the way to do so. On the other hand, some know the way but make the mistakes and lose the chance to get the refund. Even though refunding may look simpler, it demands several things from the taxpayers.
When you hire a professional who is well-versed in tools tax rebate and refund, you will be stress-free and get the refund without confronting any hassles. Apart from mechanics, they also work for the chefs, electricians, and carpenters. Experts usually help the people from different professionals and trades so that they have obtained huge experience and knowledge. Using them, they will complete your requirements in a short time.