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Where Taxpayers and Advisers Meet

Search found 149 matches

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by Budget83
Fri Sep 24, 2010 2:08 pm
Forum: Business Tax
Topic: tax relief for new business
Replies: 1
Views: 713

Re: tax relief for new business

No reliefs for new companies Its the same 3rd year or 23rd year.

I would suggest you see a local tax accountant for forward tax planning.
by Budget83
Wed Sep 15, 2010 4:58 pm
Forum: Income Tax
Topic: Business travel
Replies: 2
Views: 829

Re: Business travel

Your contract should sate the office where you area based. if this is the case then travel to other offices for work matters is business travel.

Assuming it doesn't state your main office, I would take the office I spend most my time at as a base.
by Budget83
Wed Sep 15, 2010 11:45 am
Forum: Income Tax
Topic: Photography - Hobby or more??
Replies: 1
Views: 738

Re: Photography - Hobby or more??

The answer is not simple normally on these subjects and you have to make the final decision as you know yours aims. If this was part of a bigger business plan then yes you need to register as self employed and go from there. You have 3 months to register after that their are fines involved. If you i...
by Budget83
Fri Sep 10, 2010 3:25 pm
Forum: General
Topic: Large Gifts
Replies: 5
Views: 1292

Re: Large Gifts

Wow thats new one on me
by Budget83
Wed Sep 08, 2010 1:17 pm
Forum: Income Tax
Topic: Distraint.
Replies: 10
Views: 2402

Re: Distraint.

HMRC can normally be persuaded that a certain amount if fine as long as they are convinced that you can make your next tax bill that comes along. Hence if you do a pay over time for a vat bill they get edgy if its over 3 months. Are you self employed? I would suggest some sort of forward planning on...
by Budget83
Wed Sep 08, 2010 1:12 pm
Forum: Business Tax
Topic: Converting Accrued Salary to equity
Replies: 1
Views: 793

Re: Converting Accrued Salary to equity

I assume that you are a Director, I would transfer the salary to the directors account and then a share issue.

Can I ask the reason for this exercise?
by Budget83
Wed Sep 08, 2010 1:10 pm
Forum: Business Tax
Topic: Company Car
Replies: 4
Views: 1457

Re: Company Car

A Car allowance is just a fancy word for salary. Which would be subject to income tax and Ni, No real benefit there.

Can you answer the following whats the CO" emissions and whats the total mileage and business mileage you will be completing each year.
by Budget83
Tue Aug 31, 2010 10:31 am
Forum: Business Tax
Topic: nil returns
Replies: 1
Views: 782

Re: nil returns

Is this a business or a Hobby. The way you work it sounds like its a hobby more than a business. Assuming its a business calculate your tax returns properly. Annual account with your expenses included if there are no sales then you have a loss. Carry this loss forward to offset against future profit...
by Budget83
Fri Aug 27, 2010 4:46 pm
Forum: Income Tax
Topic: Sole Trader basis period
Replies: 3
Views: 979

Re: Sole Trader basis period

Its depends on the person, we have one client who is an electrician as well as a musician. If they really are two trades then you will have two sets of accounts. Even more so if those business are started years apart. But the answer above says it all if it is two different trades, then you will have...
by Budget83
Thu Jul 29, 2010 3:27 pm
Forum: VAT & Excise Duties
Topic: New build
Replies: 1
Views: 727

Re: New build

Yes, partial exemption only kicks in when you have exempt sales and not 0 rated sales.

I would suggest getting an accountant to help with the vat returns, we see friends fall out over these sorts of things when the vat inspector comes calling.

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