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I would get that knocked of my tax bill as an expense i guess? i would just add that to my other running costs right? So say if that year i turn over £35k - 10k other costs ie canvassers,fuel etc +7k van thats 17k spent right so its 18k which i would be liable for?i guess if i ever sell it which i wont for at least 5 years it becomes a capital gain or does it go back in as income?
If your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.Your grasp of tax laws indicates you should not attempt self assessment.
Quote from: Sunshine Cleaning (Stuart) on November 25, 2010, 04:37:21 pmIf your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.Your grasp of tax laws indicates you should not attempt self assessment.Sounds a bit harsh that, sorry.
Quote from: Sunshine Cleaning (Stuart) on November 25, 2010, 04:49:50 pmQuote from: Sunshine Cleaning (Stuart) on November 25, 2010, 04:37:21 pmIf your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.Your grasp of tax laws indicates you should not attempt self assessment.Sounds a bit harsh that, sorry. You big bully!
Quote from: Winp®oClean on November 25, 2010, 04:52:56 pmQuote from: Sunshine Cleaning (Stuart) on November 25, 2010, 04:49:50 pmQuote from: Sunshine Cleaning (Stuart) on November 25, 2010, 04:37:21 pmIf your turunover is £35k it would pay to get an accountant to do your accounts as they will save you more than they cost.Your grasp of tax laws indicates you should not attempt self assessment.Sounds a bit harsh that, sorry. You big bully! I thought it was Ewan!!
Have a read up on Annual Investment Allowance, the law changed a couple of years back and you should be able to take the whole lot off of your profits in one year. It would be a good idea to speak to an accountant first though.Simon.
Quote from: SherwoodCleaningSe on November 25, 2010, 04:43:21 pmHave a read up on Annual Investment Allowance, the law changed a couple of years back and you should be able to take the whole lot off of your profits in one year. It would be a good idea to speak to an accountant first though.Simon.I don't know if I understood him correctly but my accountant reckoned that this didn't apply to vehicles. However, no harm doing it for the system if your advisor reckons it's OK. Of course, the OP may prefer to receive the tax relief over several years rather than in one hit.