If you’re starting out alone as a builder, there’s a lot you will need to consider. Working for yourself means you’ll have the freedoms that come with it, but there’s also a lot more responsibility.
We’ve outlined some of the essentials you’ll need to get you going. And it’s good news as you could also claim tax relief on the following essentials if you’re a member of the CIS.
Tools
What’s a builder without tools? Before you start operating you’ll need to invest in a good set of equipment. Whether you buy your own outright or hire what you need, you could claim your equipment as a legitimate business expense.
Transportation
As long as your vehicle is being used solely and exclusively for the purpose of your business, you should be able to claim expenses for fuel, insurance and road tax. This will differ depending on whether you drive a car or a van. You can find a more detailed rundown of costs here.
A uniform
Working on building sites means that a hard hat and a hi-viz is a must. If your work requires a specific uniform or set of equipment, you can claim the cost as an allowable business expense. If you’re more partial to wearing your comfiest jeans and t-shirt on-site, you won’t be able to claim tax relief, however.
A tax expert
Though it doesn’t seem like the likeliest of pairings, enlisting the help of a tax expert can be invaluable for a builder. The team at Baa Accounting are experts in all things tax and finance, so we can provide help and advice to builders going it alone.
For support with tracking your expenses, claiming your tax rebate or anything in between, give us a call on 0800 464 0359 or visit our contact page to see how we can help.
