Interested In Advertising? | Contact Us Here
Warning!

 

Welcome to Clean It Up; the UK`s largest cleaning forum with over 34,000 members

 

Please login or register to post and reply to topics.      

 

Forgot your password? Click here

sunshine windies

  • Posts: 232
Re: Just found out something about the TAX MAN
« Reply #20 on: January 28, 2015, 10:41:51 pm »
does that mean if you are the seller of a round ,you don't pay tax on monies received from the sale of that round?

From what I understand you pay capital gains tax on any increase in the value of the round
E.g if you buy a round for 5000 then later on you sell it for 6000 you pay tax on the 1000

CleanClear

  • Posts: 15406
Re: Just found out something about the TAX MAN
« Reply #21 on: January 28, 2015, 11:16:13 pm »
does that mean if you are the seller of a round ,you don't pay tax on monies received from the sale of that round?

From what I understand you pay capital gains tax on any increase in the value of the round
E.g if you buy a round for 5000 then later on you sell it for 6000 you pay tax on the 1000

That doesn't make sense. If you sell a round for 6K then you declare 6k income to be taxed on ? How would you insert 1k onto your balance sheet ?
*Status*--------Currently Online---------

DaveG

  • Posts: 6348
Re: Just found out something about the TAX MAN
« Reply #22 on: January 29, 2015, 06:54:45 am »
Anybody know on hiring a canvasser ?
I

Hiring a canvasser is tax deductible mate. I used one in 2008 .. just make sure you get an invoice from them.
You can't polish a turd

Clever Forum Name

  • Posts: 5942
Re: Just found out something about the TAX MAN
« Reply #23 on: January 29, 2015, 06:58:22 am »
Anybody know on hiring a canvasser ?
I

Hiring a canvasser is tax deductible mate. I used one in 2008 .. just make sure you get an invoice from them.

Excellent. I will check with my accountant when I see him as well. Used one last year and yeah got an invoice wrote out on a napkin  ;D

andyM

  • Posts: 6100
Re: Just found out something about the TAX MAN
« Reply #24 on: January 29, 2015, 07:38:23 am »
does that mean if you are the seller of a round ,you don't pay tax on monies received from the sale of that round?

From what I understand you pay capital gains tax on any increase in the value of the round
E.g if you buy a round for 5000 then later on you sell it for 6000 you pay tax on the 1000

That doesn't make sense. If you sell a round for 6K then you declare 6k income to be taxed on ? How would you insert 1k onto your balance sheet ?

I would guess that on the Business Income section of the self assessment you would enter the £6k in:
10. Any other business income not included in box 8
One of the Plebs

Spruce

  • Posts: 8649
Re: Just found out something about the TAX MAN
« Reply #25 on: January 29, 2015, 09:57:14 am »

Not sure on this, not an expert, but buying a round surely is not just buying goodwill.  You can never guarantee a customer will move over to you, so buying customers does not sound right.  They can't be bought.

What you are buying is a database of contacts.  Would this be tangible ?  I read many businesses buying and selling databases, and sometimes these are worth a fortune.

They are potential customers and so aren't an asset. A customer is never an asset.

If none of the customers on the database you paid a fortune for bought anything from you, then the database is worthless. This is why they try to add value to a database - to make it more appealing but targeting a type of customer that would be more likely to buy the product or services being advertised.

Sir Peter Vardy once run the third biggest motor dealership in the country before he sold out to Evan Halshaw. Whenever he was approached by a manufacturer to take over a failing outlet, (Vauxhall in Leeds was one example), he would only buy the assets of that company, buildings, land, etc and a limited number of spare parts still in stock in the parts department. He wouldn't buy any customer database as he never bought goodwill.

He would make a really low offer, a take it or leave it type of thing.

However, when he sold the organisation to EH as a thriving business concern which was economically viable, then his customer database was worth something. How the tax side of it played out I'm afraid I do not know.
Success is 1% inspiration, 98% perspiration and 2% attention to detail!

The older I get, the better I was ;)

g.brookes

  • Posts: 950
Re: Just found out something about the TAX MAN
« Reply #26 on: January 29, 2015, 10:28:04 am »
I've had the bad luck of buying a round only to find out as self employed it's not tax deductible. However, when you become a limited company it does become a tax deductible expense. Totally unfair I agree against the average self employed window cleaner.
Am currently looking into becoming a ltd company and my accountant has told me even though the round was bought 3 years ago I should be able to get tax relief on it in future

Joey Eastwood

  • Posts: 400
Re: Just found out something about the TAX MAN
« Reply #27 on: January 29, 2015, 11:13:27 am »
people on here brag they can do a £20 house whilst  holding their breath then wonder why the taxman wants a piece L O L hardly minimum wagers are we stop whining and pay or sell up and matalan are looking for till staff 6.50 an hour...... lol
when life throws you water, clean windows

Spruce

  • Posts: 8649
Re: Just found out something about the TAX MAN
« Reply #28 on: January 29, 2015, 11:56:04 am »
I've had the bad luck of buying a round only to find out as self employed it's not tax deductible. However, when you become a limited company it does become a tax deductible expense. Totally unfair I agree against the average self employed window cleaner.
Am currently looking into becoming a ltd company and my accountant has told me even though the round was bought 3 years ago I should be able to get tax relief on it in future

That's interesting
Success is 1% inspiration, 98% perspiration and 2% attention to detail!

The older I get, the better I was ;)

MrBungalowTWC

  • Posts: 8
Re: Just found out something about the TAX MAN
« Reply #29 on: January 29, 2015, 10:18:16 pm »
Blimey!

Can't believe this is my first post in a few years on this site, anyway.

There are only two things guaranteed in our lives, and they are death and taxes, lol.  :)

Nick_Thompson

  • Posts: 810
Re: Just found out something about the TAX MAN
« Reply #30 on: January 30, 2015, 11:01:38 pm »
people on here brag they can do a £20 house whilst  holding their breath

Love it, Joey!
Do quantum mechanics fix old transits?

And let us not forget, voyeurism is an occupational hazard that we simply must endure.