There are several forums where wrong tax advice is published. Everyday a lot of people turn to these forums to equip themselves with the right tax knowledge. Not getting right information can misguide people in the wrong direction. This can lead to occurrence of lies and mistakes. It is important to read authentic sources to avoid yourself from building false notion and misconception.
Flat Rate Expense Allowance
Mechanics are allowed to claim for this allowance. This can get you back a few hundred pounds. If some mechanic claims for capital allowances, as explained in EIM50700, EIM36610, help sheet 206 and EIM36910 has been made, they can receive more amount of reimbursement than what they are entitled in the flat rate expense route.
Filing this claim can be a little complicated. Problems can arise as the charges of writing down allowance, initial year allowance and small pools writing down allowance can change with every changing year.
Claim should be made for last six years
This is another common misconception that mechanics have. On many websites, it has been mentioned that mechanics as well as auto technicians can’t claim for tools and machinery that have been bought by them in the last 6 years.
The fact is that, one can claim for any number of receipts for without any restriction of years. If a mechanic has a twenty-year old receipt, that too he can successfully claim. Filing a mechanics tax rebate is a complicated task which can be executed efficiently with proper knowledge and guidance of an experienced accountant.
About the authenticity of online tax rebate information
There are several popular research forums where helpful tax related articles are published. They are a highly valuable information source. It is right to seek information from these sources, but any advice that you find on those websites should be thoroughly checked before putting into application. Allocating your time and energy on wrong information will eventually cost you more money.
Reasons for receiving a tax refund
It has been seen that people who have paid more amount than required as a tax in a given financial year are entitled to receive a tax refund. When you file a tax rebate claim, you will be provided with the amount due to tax collecting agencies. Given below are some reasons for receiving a tax refund:
- If you commute for job related purpose on your vehicle and do not obtain any reimbursement like mileage allowance for business travel from your employer
- If you work in the CIS or Construction Industry Scheme and given more amount as tax via monthly deductions of tax
- If you have been paying tax properly on account and the business in which you were shut down in the existing tax year or witnessed a reduction in its profitability
This information brings you the right information about tax rebates for all the tools that have been bought by the mechanic and have not got reimbursement. Correct knowledge of tax laws and information will surely help you get the refund you deserve.