Clean It Up

UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Mike55 on January 30, 2012, 07:00:19 pm

Title: Buying rounds and tax
Post by: Mike55 on January 30, 2012, 07:00:19 pm: Guys,

Is my understanding correct that if purchasing a round it is not tax deductible, but rather is treated as 'goodwill.'

Anyone know the answer?

Thanks, M.
Title: Re: Buying rounds and tax
Post by: ♠Winp®oClean♠ on January 30, 2012, 07:19:05 pm: Quote from: Mike55 on January 30, 2012, 07:00:19 pm
Guys,

Is my understanding correct that if purchasing a round it is not tax deductible, but rather is treated as 'goodwill.'

Anyone know the answer?

Thanks, M.

According to my "chartered" accountant, you are correct! ;)
Title: Re: Buying rounds and tax
Post by: Gringo on January 30, 2012, 08:08:39 pm: it is classed as goodwill and you can claim 10% of cost of round per yr for next 10yrs as i do
Title: Re: Buying rounds and tax
Post by: Window Washers on January 30, 2012, 08:09:02 pm: buy the business
Title: Re: Buying rounds and tax
Post by: AS Window Cleaning on January 30, 2012, 08:42:17 pm: Whoops! i claimed for all of mine, was told by inland revenue (in the good old days before had an accountant and used to go to inland revenue and fill in forms!!) that so long as when I sell a round i put in as profit, then it would be ok.

So i claimed it as expense.....rightly or wrongly......
Title: Re: Buying rounds and tax
Post by: Simon@ Clearview contractors on January 30, 2012, 09:36:40 pm: Yes you can it's classed as an intangible asset.
Title: Re: Buying rounds and tax
Post by: Sean Dyer on January 30, 2012, 09:38:44 pm: Quote from: Simon@ Clearview contractors on January 30, 2012, 09:36:40 pm
Yes you can it's classed as an intangible asset.

I claimed for a round i bought too :)
Title: Re: Buying rounds and tax
Post by: Steve CM on January 30, 2012, 10:00:30 pm: Quote from: Simon@ Clearview contractors on January 30, 2012, 09:36:40 pm
Yes you can it's classed as an intangible asset.

spot on i done the same...4 times!
Title: Re: Buying rounds and tax
Post by: Helen on January 30, 2012, 10:15:00 pm: Quote from: AS Window Cleaning on January 30, 2012, 08:42:17 pm
so long as when I sell a round i put in as profit, then it would be ok.

wrong :)
Title: Re: Buying rounds and tax
Post by: Rogue Trader on January 30, 2012, 10:27:30 pm: it is all about what is seen as reasonable!! i bought a round and my accountant saw that the goodwill was reaonable to split over 4 years.
Title: Re: Buying rounds and tax
Post by: AS Window Cleaning on January 31, 2012, 07:45:30 am: Quote from: Helen on January 30, 2012, 10:15:00 pm
Quote from: AS Window Cleaning on January 30, 2012, 08:42:17 pm
so long as when I sell a round i put in as profit, then it would be ok.

wrong :)

why wrong Helen?

oh, you mean wrong to put anything down as profit full stop? :-X ;)
Title: Re: Buying rounds and tax
Post by: Helen on January 31, 2012, 07:48:49 am: Quote from: AS Window Cleaning on January 31, 2012, 07:45:30 am
Quote from: Helen on January 30, 2012, 10:15:00 pm
Quote from: AS Window Cleaning on January 30, 2012, 08:42:17 pm
so long as when I sell a round i put in as profit, then it would be ok.

wrong :)

why wrong Helen?

oh, you mean wrong to put anything down as profit full stop? :-X ;)

One of the many things our great accountant knew and we had no idea about.
Can't explain fully, but to do with entrepeneur tax relief. :)
Title: Re: Buying rounds and tax
Post by: DaveG on January 31, 2012, 07:55:21 am: Call it "canvassed work" then its tax deductable..ie you paid someone to get the work for you.