TAX

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oasis

oasis

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Is it true that say end of year i have £10,000 sat in my bank held back for tax i can just go by a £10,000 Van and not pay any tax as its down as an outgoing? had a chat with some1 but my self I'm clueless on the tax front and it sounds a bit to good for my liking?
 
i would speak to an accountant, i dont think you can as your only allowed an % against something like a van. but i would check before you spend the money that is owned by the tax man because they wont wait if it is due.
 
Iwent to a Renault dealer to look at a trafic before I bought my current van and tHat had 100% tax relief on it, so would that mean u get every penny back that I spend on the van, it was a lease van by the way
 
ask your accountant thats what you pay him or her for.

you can specify how much you want to offset against tax as i did it last tax year.bought a brand new transit top spec 8)and got 50% aganst tax around 8 grand then the rest over 2 years
 
i dont know but this will be good to find out. im not VAT reg just self employed ATM.

i dont need a new van but i will buy one if it stops the robbing ****s from taking my money
 
owls said:
ask your accountant thats what you pay him or her for.

you can specify how much you want to offset against tax as i did it last tax year.bought a brand new transit top spec 8)and got 50% aganst tax around 8 grand then the rest over 2 years
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so after a few years you would have had the full amont back?
 
yep i got relief on 8 this year because i wernt going to pay over 8 grand what with other liabilitys ie other vans running costs tools etc so paid nada tax this year, then 4 grand on each of other 2 years. tax avoidance is always about forward planning tho.
 
ah i see so say the normall tax you get back from tools and materials do you spread that out over a few years aswell? i take it there is a limit and you just use it on selected stuff each year.
 
oasis said:
Is it true that say end of year i have £10,000 sat in my bank held back for tax i can just go by a £10,000 Van and not pay any tax as its down as an outgoing? had a chat with some1 but my self I'm clueless on the tax front and it sounds a bit to good for my liking?
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No.
 
not being funny but if your a sole trader you should know all this.
im not an accountant. a van can be wrote down over 3 years.
 
You get a percentage of the vans depreciation offset against your tax. The biggest deprciation is in the early months years as soon as you drive it out the door of showroom its worth 20 % less.
Oasis theres other ways you can lose the money mate speak with accountant. if ur missus doesnt work they can pay her a wage of upto £4500 which is tax free and loads of other little dodges.
You should of spoke to one before as its a bit late now,remember also cus ur new business youl have to pay 6 months tax up front on account .
So ,of the last 2 years tax free period you have had you will noew have to pay 18 months tax up .
 
get an accountant man aint cheap butthere worth there weight in gold they will explain all
depends what kind of turnover you have.
 
My accountant charges me £600 a year he does my buiness tax returns and a holiday home i rent out in the canaryislands too.
Its not cheap but i want it done right with no comebacks,his knowledge will save me more than 5 times what he charges + his charges are deductable and i dont have to do anythins but drop my books of and call him now and then with queries.
 
oasis said:
Iv been self employed since I was 16 so I'm not a new business
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If you've never used an accountant and know f**k all about the tax system, pray to god you never get investigated.
 
Sorry mate thought you where a new business.
Then why on earth dont you know the answers to these very very important f u c k i n g question already???
I wouldnt even worry about wasting money on a new van unless ur nearing the VAT threshold keep some money in the bank for a rainyday if ur pockets are bulging,becuse you never know whats around the corner mate?
 
I keep my books up2 date and deduct all the tax and do an easy online return will have an accountant next week hofully to gain more money!
 
TonyM said:
oasis said:
Iv been self employed since I was 16 so I'm not a new business
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If you've never used an accountant and know (french word) all about the tax system, pray to god you never get investigated.
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whys that? just because he doesnt use an accountant or know all the ins and outs doesnt mean he is fiddling, he's probably paying what he should be paying! an accountant just knows exactly where he can save money!
 
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