[JSMC]

i am new to this so have only really included all my equipment and fuel basically. What else are we allowed to claim for as Wc's

[David Slater]

i am new to this so have only really included all my equipment and fuel basically. What else are we allowed to claim for as Wc's

You're best speaking to an accountant. A decent accountant will save you at least as much in tax as his bill and you have the peace of mind knowing you're accountants have been prepared properly.

Heres a basic list -

1. Phones (mobile and landline and a fax machine)
2. Trade organisatins (FWC, MGWC, Clear Choice etc etc)
3. Website
4. Training (IOSH, Ladder Safety, NEBOSH, IPAF, Safe Contactor et etc)
5. PPE (work clothes)
6. Insurance (van, public liability, employers liability)
7. Computer
8. Printer
9. Stationery (pens, paper, envelopes, stamps, calculators etc etc)
10. Printing (leaflets, flyers etc etc)
11. Repairs/Renewals (new tyres for van or a new pole.. anything you need to replace or update)
12. Advertising
13. Cleaning (box of washing powder for your workclothes, jet wash tokens for the van etc etc)
14. Professional fees (paying your accountant)
15. Office space - you can normally claim one room in your home for office space to run your business. That includes heat, light and a portion of "rent"....this is quite tricky to work out and is best left to an accountant to work out.
16. Bank charges

Thats not an exhaustive list, but its a start. You can also claim elements of interest on your credit card and loans.
Writing down the value of your equipment (like your van and poles)... this sort of thing is best left to an accountant.
 
 

[David Slater]

i am new to this so have only really included all my equipment and fuel basically. What else are we allowed to claim for as Wc's

You're best speaking to an accountant. A decent accountant will save you at least as much in tax as his bill and you have the peace of mind knowing you're accountants have been prepared properly.

Heres a basic list -

1. Phones (mobile and landline and a fax machine)
2. Trade organisatins (FWC, MGWC, Clear Choice etc etc)
3. Website
4. Training (IOSH, Ladder Safety, NEBOSH, IPAF, Safe Contactor et etc)
5. PPE (work clothes)
6. Insurance (van, public liability, employers liability)
7. Computer
8. Printer
9. Stationery (pens, paper, envelopes, stamps, calculators etc etc)
10. Printing (leaflets, flyers etc etc)
11. Repairs/Renewals (new tyres for van or a new pole.. anything you need to replace or update)
12. Advertising
13. Cleaning (box of washing powder for your workclothes, jet wash tokens for the van etc etc)
14. Professional fees (paying your accountant)
15. Office space - you can normally claim one room in your home for office space to run your business. That includes heat, light and a portion of "rent"....this is quite tricky to work out and is best left to an accountant to work out.
16. Bank charges

Thats not an exhaustive list, but its a start. You can also claim elements of interest on your credit card and loans.
Writing down the value of your equipment (like your van and poles)... this sort of thing is best left to an accountant.
 
 

David left, subsistence of his list, which he knows dam well you are entitled to, just don’t abuse it.

 

Hahahaha...

You're not still barking up that tree are you Ewan? If you'd like to continue that discussion, keep posting on your own thread.

The original poster asked "what else" he could claim and I started the ball rolling.

I'm sure there will be more posters along soon to fill out the list for you JSMC

[Oakley Windows]

OK, heres one.

My Mother died suddenly earlier this year. We (my 2 sisters and I) were left in her will an equal share of everything my mum had, money in bank accounts, property and goods etc. We cant sell her house as the property market is duff, so have started to rent it out.

After agents fees we are left with £175.00 a month each. Is my share liable to taxation?

Matt

[seandyer2003]

Yeah!! Rental money is liable to tax, and if im not wrong..maybe yours is a slightly different situation, but when you come to sell a property that is rented, you have to pay tax again!! But id check it out...

[Oakley Windows]

Just spoken to my accountant and she says it is liable. However regarding the selling of this property Id be surprised if that was liable to tax as well as it was NOT bought in the 'buy to lease' scheme.

[JSMC]

try and keep on topic i started please

[seandyer2003]

Yeh, well like i say it is probably a different situation so you may get away with not having to be taxed on sale, but rental money is all profit unfortunately, government wont let you away with any of it!! Thankfully its not an awful lot though is it..

[seandyer2003]

Just spoken to my accountant and she says it is liable. However regarding the selling of this property Id be surprised if that was liable to tax as well as it was NOT bought in the 'buy to lease' scheme.

there is however also something called inheritance tax, and anything you inherit above 312, 000 is liable to 40% tax, so idont know if that would come into consideration when you sell??

[David Slater]

OK, heres one.

My Mother died suddenly earlier this year. We (my 2 sisters and I) were left in her will an equal share of everything my mum had, money in bank accounts, property and goods etc. We cant sell her house as the property market is duff, so have started to rent it out.

After agents fees we are left with £175.00 a month each. Is my share liable to taxation?

Matt

Yes.

Each year HMRC allow you to earn a certain amount each year before tax (I think its around 4.5k off the top of my head).

If your window cleaning round is giving you a wage of more than this, then all other income is taxable whether that be property rental, interest on savings, shares, dividends...etc etc

There are ways and means of off-setting income from a property (through trusts, giving it your wife, borrowing against the property and paying an interest only mortgage) but as a general rule (with no mortgage) it would be taxable income.

But dont forget to keep all bills for repairs, agency fees, advertising, wear and tear etc etc etc

In essence, you're starting new (partnership) business with your sisters, as landlords and will need to keep and file accounts just like you do for your window cleaning business and your sisters do for a living.

Thats only a very general interpretation. See an accountant - You need specialist advice. Your personal circumstances will have A LOT do to with how much you pay (or dont pay!).

[Oakley Windows]

Sorry JSMC.

Sean, its capital gains tax regarding any liability of sales profit. With the housing market the way it is theres no chance of a tax liability on the sale of the house.

Just the 20% of my £175.00 a month as my share of the rent.

Ill stop there JSMC, apologies.

David, thanks for that, just had another conversation with accountant, shes very patient 

The estate was worth less than £312.00, unfortuantely 

[David Slater]

Just spoken to my accountant and she says it is liable. However regarding the selling of this property Id be surprised if that was liable to tax as well as it was NOT bought in the 'buy to lease' scheme.

there is however also something called inheritance tax, and anything you inherit above 312, 000 is liable to 40% tax, so idont know if that would come into consideration when you sell??

IHT isnt paid at the point of sale. It is paid at the point of inheritance.

Matt should already have been given a bill by HMRC if indeed there was any IHT to pay.

[seandyer2003]

Sorry JSMC.

Sean, its capital gains tax regarding any liability of sales profit. With the housing market the way it is theres no chance of a tax liability on the sale of the house.

Just the 20% of my £175.00 a month as my share of the rent.

Ill stop there JSMC, apologies.

David, thanks for that, just had another conversation with accountant, shes very patient 

Oh right, i wondered if the CGT would be the one, it all confuses me anyway, i just repeat stuff ive read

Anyway, better stop hi-jacking the thread....sorrry...

[Paul Coleman]

Just spoken to my accountant and she says it is liable. However regarding the selling of this property Id be surprised if that was liable to tax as well as it was NOT bought in the 'buy to lease' scheme.

There might be a capital gains tax issue if you re-sell after renting.

[Paul Coleman]

try and keep on topic i started please

Sorry from me too.  Got sucked into the property rental query.

There are a few less obvious things that can go into accounts.
I know it's not much but I offset a proportion of the washing powder that I buy and a proportion of washing machine repairs (though I think the actual cost of the machine may not be allowed).  Also, sunglasses as they are a necessity for WFP to protect the eyes.  I have also offset one of those back protectors that I used when my back was dodgy (health care costs are not allowed but appliances are).  I also offset a screwdriver set, pair of snips, and a few other minor tools as they are sometimes needed to fix poles or system on the fly.
Don't forget that there are a number of items that will probably be part business part personal use.  You're supposed to make a reasonable estimate and apportion those.

[seandyer2003]

i mate of mine had an inspection a year or so back and was filling his pants worrying about it, anyway tax inspector told him he wasnt claiming for enough!! said he can claim electric for washing machines, soap for them, gas for tumble dryer etc....theres loads of things, another wc i know said his accountant put in for underwear,socks, anything and everything!! Pens paper, ink cartridges, your cpu, the list is endless really..phone calls, broadband bills, but of course, only can claim 100% if its not for personal use too, in which case your accountant will know what percentages you can claim...

[Paul Coleman]

if you get any parking tickets they can go through as tax deductable.

if you go for a training day or business trip, you could put that through, probably just travel and acomm.

I did offset my B & B accommodation when I went to Windex near Birmingham.  That is a perfectly legitimate expense as you say even though the price included breakfast (I was 150 miles from home).
I was wondering what you meant by parking tickets though.  I assume you meant parking charges? as parking penalty fines are not tax deductible.

[Oakley Windows]

Just spoken to my accountant and she says it is liable. However regarding the selling of this property Id be surprised if that was liable to tax as well as it was NOT bought in the 'buy to lease' scheme.

There might be a capital gains tax issue if you re-sell after renting.

The property would have to gain in value for that to be the case, according to my accountant as the property ownership is shared by 3 people the increase in value would have to £28,800 pounds before we became liable for any CGT, and considering its already lost about £15,000 since we inherited it I dont think thats gonna happen.

[ftp]

Isn't there an £8000 ish allowance for cgt - you'd have to make a fair bit of money before you start paying (multiply by all the inheritors). Could split it even further if it was in husbands and wifes names too.

[Oakley Windows]

Yes , its £9,600 PER PERSON, as I said in an earlier post that we'd have to make therefore £28,800 on the house sale and that AINT going to happen.