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windyman
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« on: January 21, 2012, 04:33:26 PM » |
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Just wondered how u guys fare when buying a round.
I'm wanting to buy a round which is £4000. My accountant says (he's very good & honest & I trust him) I can't just count it as an expense & write it off against my tax, because I'm not actually buying anything tangible. I'm buying 'good will' if you like.
He says the only way I can do it is to set up a Ltd company & write off a certain % of the £4000 each year.
I don't really wanna set up a ltd company, dont want the hassle. BUT it'll save me £800 of tax if I can deduct it from my earnings.
So what do u do when buying a round???
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windyman
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« Reply #2 on: January 21, 2012, 07:09:11 PM » |
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Yea I'll have to just buy it, but would like to save £800 in tax if I can. I aint gonna fiddle me taxes, not worth it.
Just spoke to HMRC & they confirmed I can't class it as an expense.
Be interesting to see how many folk realise that, I certainly didn't.
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mrwindows
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« Reply #3 on: January 21, 2012, 07:45:09 PM » |
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Does the same apply when selling a round, it doesn't count as profit?
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Stretch and Wash window cleaning!! Now That's What I'm Talkin About.!!
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pootwo
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« Reply #4 on: January 21, 2012, 08:00:20 PM » |
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thats the grate thing with tax man he wonts a slice of wot you get Does the same apply when selling a round, it doesn't count as profit?
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windyman
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« Reply #5 on: January 21, 2012, 08:21:47 PM » |
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Does the same apply when selling a round, it doesn't count as profit?
That was my argument. Apparantly, the woman I spoke to said that if you sold it & made a profit, then you off-set the amount you paid for it & only get taxed on that amount. So if I pay £4000 for it, sell it for £5000, i'd only pay tax on £1000. Stupid if u ask me. |
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chip
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« Reply #6 on: January 21, 2012, 08:53:45 PM » |
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ridiculous. i did'nt know that when i bought mine, claimed it through the books, if i sold it i would declare it and expect to pay tax
makes no sense to me, if what you're buying is'nt tangible then that makes your earnings untangible to me
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THIS IS THE WORST FIRM I'VE EVER WORKED FOR!
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windyman
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« Reply #7 on: January 21, 2012, 09:12:09 PM » |
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ridiculous. i did'nt know that when i bought mine, claimed it through the books, if i sold it i would declare it and expect to pay tax
makes no sense to me, if what you're buying is'nt tangible then that makes your earnings untangible to me
I know mate it's daft. It's obviously a work expense. But I can see their point of view- How do u prove what you bought?? You could have some work, then pay someone £4000 for a car or anything for that matter, then put £4000 thru saying 'I bought work'- There's no real proof that you have. You CAN do it as a ltd company. But even then it's a % each yr u can claim. |
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chip
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« Reply #8 on: January 21, 2012, 09:23:11 PM » |
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i can't see their point of view, you buy something and get a receipt. voila!
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THIS IS THE WORST FIRM I'VE EVER WORKED FOR!
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stu mci
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« Reply #9 on: January 21, 2012, 09:46:28 PM » |
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neither can I chip, in fact a business advisor said I could a few years ago, as long as I had a receipt, perhaps he was wrong  by the way it is stu mac here I can't remember my password or login for my account |
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chip
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« Reply #10 on: January 21, 2012, 10:30:33 PM » |
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 you're just trying to lose your anorak reputation
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THIS IS THE WORST FIRM I'VE EVER WORKED FOR!
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chip
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« Reply #12 on: January 21, 2012, 10:57:22 PM » |
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either way you'll soon be top of the time online board again  |
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THIS IS THE WORST FIRM I'VE EVER WORKED FOR!
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mrwindows
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« Reply #13 on: January 22, 2012, 10:33:17 PM » |
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neither can I chip, in fact a business advisor said I could a few years ago, as long as I had a receipt, perhaps he was wrong by the way it is stu mac here I can't remember my password or login for my account I'll have 2 sugars with my coffee please |
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Stretch and Wash window cleaning!! Now That's What I'm Talkin About.!!
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stu mci
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« Reply #14 on: January 23, 2012, 12:38:22 AM » |
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neither can I chip, in fact a business advisor said I could a few years ago, as long as I had a receipt, perhaps he was wrong by the way it is stu mac here I can't remember my password or login for my account I'll have 2 sugars with my coffee please milk sir |
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balmoralcleaners
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« Reply #15 on: January 23, 2012, 01:51:50 AM » |
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You can claim back loan interest though thats what I did to get going all them years ago  |
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Im now a 50/50 WFP/trad cleaner
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Window Cleaning Equipment Forum
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