Clean It Up

UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Rcs on December 30, 2009, 02:18:54 pm

Title: buying equipment for a new business
Post by: Rcs on December 30, 2009, 02:18:54 pm

I thinking of spending about 5000 on a new set up inc van and equipment
Will I be able to claim all the 5000 back as a tax deduction

Title: Re: buying equipment for a new business
Post by: AuRavelling79 on December 30, 2009, 02:36:51 pm

Yes. As in all the £5000 is a business expense and so it will go against your annual earnings and typically you will get 20% of the spend as a tax benefit. So £1000. You may also be able to get grants for starting up - try citizen's advice.

Title: Re: buying equipment for a new business
Post by: leapstallbuildings on December 30, 2009, 03:03:57 pm

Capital itemsd (generally the more expensive stuff that is expected to last a few years) is usually offset against tax over several years.  However, I know that you could offset it all  within the same year not so long ago (did noit include vehicles).  I don't know if this was a temporary arrangement or not to assist businesses.
Best to get an accountant really - after all, you wouldn't ask an accountant how to clean windows   :)

Title: Re: buying equipment for a new business
Post by: Rcs on December 30, 2009, 03:46:58 pm

The weasel is sunning himself in jamaica not back til middle of jan

Title: Re: buying equipment for a new business
Post by: john k on December 30, 2009, 03:53:06 pm

if you buy it outright you get a percentage of it against your tax but if you finance it you get it all back

Title: Re: buying equipment for a new business
Post by: stfc on December 30, 2009, 05:36:46 pm

if you brought it out right and had no customers think ul be making a very big mistake