Tax relief is the reduction in amount of tax that is to be paid by an individual or a company entity.

When you use your own money for travelling or buying things for your job, you may be able to claim tax relief. However, you cannot claim reliefs on the things you use in your private life.

In case if your employer has already provided you with an alternative or has paid back your expenses, you no longer can claim relief on things you’ve spent your money on. You also need to maintain records of everything and claim the spent money within 4 years of the end of the tax year.

Expenses where you can claim relief

Business mileage and fuel costs

If you use your own vehicle for business purposes, you can claim a Mileage Allowance Relief. In case if you use a company car, you can claim for the fuel when using the car for business travel. For claiming such relief, you need to keep the records of dates and mileage of work journeys.

Professional fees

If you pay fees to approved oganisations, you may reclaim tax on such fees.

Working from home

If you work from home, you can claim on the telephone costs, internet, and electricity. For claims up to £4 per week, you are not required to show the evidence of what you have spent. However, for claims over £4 per week, evidence are compulsory to get a tax relief.

Equipments

When you buy equipments and tools that you need to do your job, such expenses also can be claimed. You must keep the receipts of the such purchase which may be asked by HMRC when you claim for a relief.

If you would like to discuss about your tax reliefs, then feel free to contact our Harley Street Accountants. With the expertise and experience, we make sure to provide you with right solutions for your issues.