Putting A Round Through Tax

Discussion in 'Managing Your Business' started by mak2503, Jan 21, 2013.

Advertisement
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Welcome to the UK Window Cleaning Forums.
    Starting or own a window cleaning business? We're a network of window cleaners sharing advice, tips & experience. Rounds for sale & more. Join us today!

  1. mak2503

    mak2503 Newcomer
    Member

    Joined:
    Jan 10, 2013
    Messages:
    15
    Likes Received:
    0
    Over the past year I have been paying £600 each month for a large round. The round has all been paid off now.

    Does anyone have any idea how I will put this through tax?

    In total I paid £7000 for the round and equipment but I have been told by my bookkeeper that she is not sure if we can put it through on the tax return.

    Thanks in advance.
     
    Advertisement
  2. Newbie123

    Newbie123 Forum Addict
    Member

    Joined:
    Jan 3, 2013
    Messages:
    679
    Likes Received:
    16
    You cannot claim monies paid for goodwill and any money with a receipt that includes the words goodwill will have to be written off as a loss if the receipt was to read equipment then you may have a chance of claiming something if that makes sense doesn't quite work the same when you sell though

    How much work did you gain for the £7000 mate
     
  3. shazzy692002

    Member

    Joined:
    Dec 17, 2012
    Messages:
    1,238
    Likes Received:
    286
    I have a big loan for customers/van and equipment. I get all my interest back in tax from the loan, The other is classed as drawings . soo just say £500 loan of which £50 is interest, then £450 is classed as drawings. The £50 is tax deductable.
     
  4. Newbie123

    Newbie123 Forum Addict
    Member

    Joined:
    Jan 3, 2013
    Messages:
    679
    Likes Received:
    16
    Just so I have this right in my head as now think I have it wrong drawings meaning wages against taxable allowance and if your tax allowance is say £8150 then you have lost £5400 of the allowance on the 12 £450 repayments and you don't pay any tax on the interest paid so you can earn£2750 or £229.16 a month before you start paying tax on the income national insurance contributions being a separate equation
     
  5. All Round Cleaning

    All Round Cleaning Grand Master
    Member

    Joined:
    Mar 7, 2012
    Messages:
    3,246
    Likes Received:
    150
    What size loan did you take out to build your business .
     
  6. Iain

    Iain Guru
    Member

    Joined:
    Jan 26, 2012
    Messages:
    1,092
    Likes Received:
    26
    I'd get an accountant for this. Probably cost about an hour of their time but you can save more than that on tax.
     
  7. shazzy692002

    Member

    Joined:
    Dec 17, 2012
    Messages:
    1,238
    Likes Received:
    286
    This is what my accountant done with my books last year.
     
  8. shazzy692002

    Member

    Joined:
    Dec 17, 2012
    Messages:
    1,238
    Likes Received:
    286
    18k. I pay £428 a month on a loan. (which is not good this time of year.!!)
     
  9. All Round Cleaning

    All Round Cleaning Grand Master
    Member

    Joined:
    Mar 7, 2012
    Messages:
    3,246
    Likes Received:
    150
    Ouch !!!

    I suppose its only £107 a week you gotta make to pay it back and im sure you can manage that in a day easy .

     
  10. harunh

    harunh Legend
    Member

    Joined:
    Feb 16, 2012
    Messages:
    10,193
    Likes Received:
    146
    18k? Hmm u got a few vans on the road
     
Advertisement