Replies to This Discussion

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 21:28

I have a painter and decorator friend who also reminded me of the laundry tip. I've not done it yet but I'll raise the query with my accountant again to see if it is a legitimate expense.

I've been putting my chiropractry and back work through the business for years with the accountants say so. I'm not quite sure how this would stand up at audit by the HMRC.....I call it tool maintenance...no comments please.

Otherwise any justifiable business expense goes in to the mix.

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 21:36

Oh Fraser - to keep you happy " Waste management"!

Fraser Watson said:

sorry but tool maintenance lol you have a high opinion of yourself :)



ROWLY HILL said:

I have a painter and decorator friend who also reminded me of the laundry tip. I've not done it yet but I'll raise the query with my accountant again to see if it is a legitimate expense.

I've been putting my chiropractry and back work through the business for years with the accountants say so. I'm not quite sure how this would stand up at audit by the HMRC.....I call it tool maintenance...no comments please.

Otherwise any justifiable business expense goes in to the mix.

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 21:43

Any reparatory work can be then claimed as turfing...ask Elton....



Gary @ Acer Paving said:

"Tool maintenance", it's not economical to keep mending old tools, throw it out and get a new one.

Or is it like Triggers broom, is it on it's 5th head and 10th handle ? The head is looking as though it's wearing a bit thin :-))



ROWLY HILL said:

I have a painter and decorator friend who also reminded me of the laundry tip. I've not done it yet but I'll raise the query with my accountant again to see if it is a legitimate expense.

I've been putting my chiropractry and back work through the business for years with the accountants say so. I'm not quite sure how this would stand up at audit by the HMRC.....I call it tool maintenance...no comments please.

Otherwise any justifiable business expense goes in to the mix.

PRO MemberPermalink Reply by Gary RK on October 14, 2010 at 21:45

I'm going to put a motorbike purchase thru later on this years accounts - tax advantageous so says my accountant....;-00))

Permalink Reply by Eco-Maze on October 14, 2010 at 21:47

Gary

Don't through you tools out through them to me I'm sure they'll come in handy one day.

Thanks for the tip on works laundry

Permalink Reply by Paul @ Ashgate Garden Care on October 14, 2010 at 21:49

Considered riding my push bike to see quotes.

HMRC will allow me 16p per mile, plus I keep fit in the process.

PRO MemberPermalink Reply by Gary RK on October 14, 2010 at 21:51

I think you can claim capital allowance on push bikes bought for 'staff' usage....

Paul @ Ashgate Garden Care said:

Considered riding my push bike to see quotes.

HMRC will allow me 16p per mile, plus I keep fit in the process.

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 21:52

I've mentioned this before Gary and I'm going to be a boring sod and say it again.

My year end is March.

I ( Mrs H) keeps the Co facts and figure up to date so we know exactly what we've done and where we are with, sale, costs and directors loans etc.

We always arrange a meeting with the accountant well before the year end ( Nov- Dec) to discuss the facts and figures.

We have the option then to plan a strategy and execute it.

Handing over your financial info at the year end and hoping for the best is not an option and opportunities have been missed and overlooked....avoidance tax wise that is.

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 21:53

Vital piece of kit.....Rapid response gardening vehicle!



Gary RK said:

I'm going to put a motorbike purchase thru later on this years accounts - tax advantageous so says my accountant....;-00))

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 22:15

Is this for the convenience of the accountant or your business?



Gary @ Acer Paving said:

My business end of year is 31st August, the accountant usually requests my accounts at the beginning of November.

I was advised when I started the business that this was the optimum time of the year to have my year end but I'm not sure if other people are advised differently.



john pugh grass roots said:

god gary your very early or are you late submitting your accounts ?

PRO MemberPermalink Reply by Rowly Hill on October 14, 2010 at 22:26

It may be a relevant question to ask the resident LJ accountant.



Gary @ Acer Paving said:

You never know if the accountant's want to spread the year ends to avoid a rush in April.

Saying that, as I recall, he said it was good for our type of business because the year end is after the busy Spring / Summer season and after a period when you're likely to have capital spends on equipment.

If you buy equipment when are you most likely to buy it ? If it's May / June for instance and your year end is April, you have to wait almost a year to claim for it.

That said, Rowly, I'm no expert. I wish I was !



ROWLY HILL said:

Is this for the convenience of the accountant or your business?



Gary @ Acer Paving said:

My business end of year is 31st August, the accountant usually requests my accounts at the beginning of November.

I was advised when I started the business that this was the optimum time of the year to have my year end but I'm not sure if other people are advised differently.



john pugh grass roots said:

god gary your very early or are you late submitting your accounts ?

Permalink Reply by John on October 14, 2010 at 22:31

A donation to LJN.

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