Clean It Up

UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: MNWC on March 08, 2009, 03:48:59 pm

Title: Nearly end of the tax year !
Post by: MNWC on March 08, 2009, 03:48:59 pm: Hi all

Just doing a bit of bookwork as its coming to the end of the financial year.

Its come to my notice that i need to buy something to offset it against my profit !!

What im really saying is "I need to get my tax bill down no matter how small"

Any ideas, you can email me if you want marcusnorton@hotmail.co.uk

Marcus
Title: Re: Nearly end of the tax year !
Post by: Chris B on March 08, 2009, 03:53:31 pm: Van, car,PC,laptop, office furniture,etc etc etc........
Title: Re: Nearly end of the tax year !
Post by: MNWC on March 08, 2009, 04:00:23 pm: mmmmm do you think a 42" plasma and PS3 player would do....... i could say its used for staff training...
Title: Re: Nearly end of the tax year !
Post by: tompoole on March 08, 2009, 04:25:17 pm: put it in your pension if you dont need it
Title: Re: Nearly end of the tax year !
Post by: Tosh on March 08, 2009, 05:35:54 pm: It doesn't really work like that either. You need to read up on capital expenses.
Title: Re: Nearly end of the tax year !
Post by: Window Washers on March 08, 2009, 06:45:37 pm: Quote from: Redcaddy on March 08, 2009, 05:26:43 pm
Bourne Trilogy? ;D
http://tinyurl.com/d8jorn

:o
lol.
Title: Re: Nearly end of the tax year !
Post by: macmac on March 08, 2009, 09:22:18 pm: Quote from: Tosh on March 08, 2009, 05:35:54 pm
It doesn't really work like that either. You need to read up on capital expenses.

Agreed ;)

Tony
Title: Re: Nearly end of the tax year !
Post by: twt on March 08, 2009, 11:00:49 pm: theres new rules this tax year regarding capital expenses up to 50k so it is a good time to buy new equipment etc...
Title: Re: Nearly end of the tax year !
Post by: macmac on March 08, 2009, 11:05:16 pm: Quote from: philip thomas on March 08, 2009, 11:00:49 pm
theres new rules this tax year regarding capital expenses up to 50k so it is a good time to buy new equipment etc...

Only for "plant" a work vehicle is classed as plant.
Title: Re: Nearly end of the tax year !
Post by: luther1 on March 09, 2009, 07:36:57 am: Spending £100 (or multiples of) to reduce tax bill by £22 isn't worth it is it? I'd rather have 10kish in my pocket than a bill for 2k less.Never understood that theory.
Title: Re: Nearly end of the tax year !
Post by: john tomkins on March 09, 2009, 08:31:59 am: Quote from: luther1 on March 09, 2009, 07:36:57 am
Spending £100 (or multiples of) to reduce tax bill by £22 isn't worth it is it? I'd rather have 10kish in my pocket than a bill for 2k less.Never understood that theory.

I was gonna reply with something along those lines......

But thinking about it for working tax/child tax credit purposes, it would be an advantage to bring your net profit down. Suppose it depends on individual circumstances.
Title: Re: Nearly end of the tax year !
Post by: trevor povey on March 09, 2009, 08:42:34 am: equipment if you need it,company clothing,ISA??,vechile for work is always a good one as you are allowed a percetage each year for depreciation so it will also benefit you in the next tax year,also a private vechile to go around and look at new jobs,but the beat idea by far just to keep your lass happy would be a new washing machine!!
Title: Re: Nearly end of the tax year !
Post by: williamx on March 09, 2009, 09:49:39 am: Put it into a pension plan, the tax man even puts some money in as well.