Clean It Up

UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Lee GLS on February 28, 2010, 09:42:37 pm

Title: buying a round?
Post by: Lee GLS on February 28, 2010, 09:42:37 pm

does anyone know if the purchase of round can be classed as a tex deductable expence? I personally would have thought that it would have been as it is a purchase for the business, but im sure that when i started out 6 years ago, i bought a small bit of work, but my accountant said that it wasnt an expence. Has anyone elsecome across this?

Title: Re: buying a round?
Post by: Simon@ Clearview contractors on February 28, 2010, 10:27:41 pm

Not sure goodwill is tax deductable mate.  You could always put it down as advertising/marketing.

Title: Re: buying a round?
Post by: Lee GLS on February 28, 2010, 10:35:45 pm

just been looking through old posts, and someone mentioned that the rules changes a couple of years ago meaning that it can be classed as a taxable item, can any one clarify this, im going to be buying some more work soon.

Title: Re: buying a round?
Post by: trevor povey on February 28, 2010, 10:58:14 pm

It has to be classed as a business expense ....as when selling a round  would be classed as sales/taxable income.

Title: Re: buying a round?
Post by: paul rulton on February 28, 2010, 11:38:27 pm

so wot about capital gains ???

Title: Re: buying a round?
Post by: Blue Frog Systems on March 01, 2010, 06:56:21 am

When selling a round it classes under the capital gains, same as would be selling your van / system.

Under capital gains you can proffit from £10,100 per person per yeay before you pay tax on it.

Sorry I can't be of any help on the purchasing side. Best to ring HMRC and ask them directly

Title: Re: buying a round?
Post by: Count Phil on March 01, 2010, 03:59:20 pm

It is Tex deductable, but only in a mexican restaurant.

Title: Re: buying a round?
Post by: gerard mcmanus on March 01, 2010, 04:04:46 pm

its wasn't from ebay from a guy called mattywig was it?  ;D

Title: Re: buying a round?
Post by: Lee GLS on March 01, 2010, 05:55:59 pm

cheers for the replies, doe anyone know when the rule changed because i bought a bit of work in sept 2007 and didnt bother putting it through the books, can i put it through for 2009-2010 tax year?

Title: Re: buying a round?
Post by: A & J Owen Window Cleaning on March 01, 2010, 06:15:11 pm

yes you can  mate but get a invoice from the chap you buy from