Mechanics Tools Tax Rebate Calculator
Do you end up buying the tools that you need for work? Most mechanics do. Do you know that you are entitled to reclaim the tax you have paid on these purchases? Our free Mechanics Tools Tax Rebate Calculator shows you how much this tax relief is worth to you. It’s not just tools you can apply for, our Mechanics Tax Refund section gives you all the details.
So, if you are employed and you are not reimbursed by your employer for the cost of the tools, put your numbers into the Mechanics Tools Tax Rebate Calculator and find out how much you could claim. Remember, you could always get hold of an Activity Report from your tool provider, if you’ve misplaced your receipts. A large number of mechanics and other tradespeople miss out on their tax rebate, usually because they decide it’s not worth the time to apply.
What you need to know:
Tax back on tools can be claimed for as many years as a receipt is available and the tool is still being used. Proof of purchase is necessary to make this type of Capital Allowance tool tax refund claim. Even if you don’t have receipts, you are still entitled to a Flat Rate Allowance as tax relief. The government have agreed an amount of allowance for many jobs, based on the average work expenses outlay. For a mechanic, this is an annual flat rate amount of £120. You can even backdate this type of claim for four tax years.
A PAYE tool tax refund claim reclaims tax paid through your salary and not the VAT paid on the purchase.
For more Tax Calculators, please follow the links below: