The Scottish Motor Trade Association (SMTA) has reached its highest membership figures in 50 years, going up to over 1,300 members. It has been committed to “encourage, promote and protect the interests of its members” since 1903.
Considering the current pressures on the UK’s motor industry, this growth in membership seems to show that those in the Scottish sector really value its importance.
What does the SMTA offer its members?
In recognition of its record figures, the SMTA’s chief executive, Sandy Burgess told the Scotsman: “It is fantastic to see our membership continue to grow, significantly in the SME [small and medium-sized enterprise] and independent sector, and it is encouraging to see that in these challenging times that the motor industry is facing we are able to expand our membership base across Scotland and many of the islands.
“SMTA has much to offer the Scottish motor trade including our unique buying group, our modern apprenticeship scheme soon to be supported by an exciting online training programme, our in-house MOT product, as well as our fully Scottish-based used car warranty company Scotsure and access to our industry specific SMTA digital marketing service.”
Tax Rebate Services would like to help you too
The SMTA has got you covered with industry expertise, online training, digital marketing, modern apprenticeship programme and a host of other benefits. We use our expertise to help workers in the motor industry claim tax back on tools.
Mechanic Tools Tax Refund Essentials
The very basics of getting a mechanics tax refund are that you must have paid for the items in question yourself and they are used at least partially for work. If you pay for something and then your employer reimburses you, it is not allowable for tax relief.
There are two ways of claiming back the tax you have paid on tools and equipment for work. The process you use depends on how much you have spent and if you still have the relevant proofs of purchase (receipts, activity reports from your tool provider).
- Flat rate expense: HMRC have set a flat rate expense amount of £120 for mechanics and auto technicians. This means that you can reclaim tax relief worth £120 in any one tax year. You do not need any evidence to make this type of claim. Extra good news – this will be written into your tax code so that you continue to receive the tax relief without having to make a subsequent claim.
- Capital Allowance: This is for people who have spent considerably more than £120 on tools for work. This is very easy to do especially when you are buying items like tool boxes for storage or diagnostic equipment. You do need evidence to support this type of claim. There’s extra good news here too. There is no time limit on capital allowance claims and no ceiling on the amount.
Is there anything else I can claim for?
There are a lot of work expenses tax reliefs and allowances available to all UK taxpayers. The tricky bit is knowing which ones you can apply for.
We make sure that you don’t miss out on anything. We take your full financial situation into consideration and find everything that is relevant to you.
Examples:
- You probably already know that you can apply for a mileage allowance if you use your own vehicle for certain work purposes. But did you also know that if your employer only pays you the partial IMAP amount, you are entitled to claim the difference from HMRC?
- The IMI has a deal with HMRC so that its members get tax relief on their fee. Unfortunately, the SMTA hasn’t worked out something similar yet. But in the meantime, you can add in the cost of belonging to the IMI and other professional bodies, like Trade Unions, to your overall mechanics tax rebate.
