[Lee GLS]

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?

[Simon@ Clearview contractors]

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

[Lee GLS]

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.

[trevor povey]

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

[paul rulton]

so wot about capital gains

[Blue Frog Systems]

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

[Count Phil]

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

[gerard mcmanus]

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

[Lee GLS]

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?

[A & J Owen Window Cleaning]

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