At the end of the day, or the month, or even the year… we all want more money! Everything seems to be getting more expensive and let’s face it, we’re not going to win the lottery anytime soon. So, we decided to team up with IN-SYNC Tax for their top tips on how to get you more money!
Tip 1 – Pre-plan your food and drink.
Claiming for food on your self-assessment…
When it comes to being self-employed, what you can and can’t claim for can be well and truly confusing. Especially, when it comes to food and drink. When can you actually claim for it?
Well, IN-SYNC had the answer. They described: “If you have a ‘permanent’ site of work – somewhere where you spend more than 40% of your working time over 2 years – then you won’t be able to claim for food and drink purchases there, or travelling there.”
“However, if you’re travelling to a ‘temporary’ workplace, and grab lunch on the way, you’ll be able to claim that back!”
“You won’t, however, be able to claim any food that you bring from home to a temporary workplace though so watch out for this.”
Ultimately, being able to save money on food comes down to knowing your rights and what you can and can’t claim for in your self-assessment. Therefore, IN-SYNC recommends that where appropriate, buying food and claiming for it is a good way to go. However, despite a bigger rebate, you could be worse off in the short term. Instead, you may find it better to keep costs down by preparing a packed lunch. If you can’t claim back for your food though, it’s definitely cheaper to pack a lunch as supermarket meal deals or café lunches soon add up.
It doesn’t take much effort to create some cheap packed lunch ideas either. And, it could save you a decent amount in the short term. But remember, this most likely won’t be claimable!
– 5 paid lunches per week = £60 – £160 per month
– Packed lunch = £30 – £50 per month
– Saving per year = Up to £1,560
Coffee – Instead of a daily coffee from a chain IN-SYNC recommends that you get a decent instant and use the site kettle to make your own. One decent can or jar can last for weeks.
– 5 chain coffees per week = £50 per month
– 1 can of decent instant = £2 – 4 per month
– Saving per year = up to £575
Tip 2 – Optimise your travel
Regular maintenance of the van can lead to big end of month savings. And, there are a number of ways to improve fuel economy! One way to do this is to make sure your tyres are well inflated and you’re not carrying unneeded weight. It is also important to ensure your engine is serviced too.
IN-SYNC also recommended that you shop around on the internet for the best prices. When buying van insurance for business use there are always savings to be made!
Track your miles
Tracking your business mileage is an important part of your self-assessment and it’s worth getting it right. 11,000 business miles travelled in a year could equate to a claim of £4,750!
In the past, you may have kept a log book in your car, taking note of the date, purpose, and address etc – what a hassle, right? This isn’t 1993.
IN-SYNC described: “The question of how to keep a mileage log in 2018 is answered by LOGIT-IN.”
“LOGIT-IN is a simple mileage tracking app that will automatically log your journeys, giving you easy options to set whether they were business or personal.”
“Check out LOGIT-IN mileage tracking app.”
Tip 3 – Spend smart and get help
Talking about rebates, if you’re self-employed, make sure all your business expenses are logged too. Keeping business and personal spending separate can be made easier by using a mobile banking app to control all of your business expenses. Don’t use a contactless card for personal spending. If you take cash out, you’ll be wiser to how much you’ve spent.
IN-SYNC described that: “as far as tax goes, it can be a minefield to get right.”
“If you’re part of the Construction Industry Scheme (CIS), using a service like IN-SYNC Tax can help take the stress and the hassle out of it and get you the best rebate possible.”
“In fact, the average CIS tax rebate is £2,300, a huge bonus at the end of the year!”
“Get started with your CIS Tax Rebate now!”
So what do you think of this? Could you save some cash by using some of these top tips? Let us know in the comments below!