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MNWC

  • Posts: 1549
Nearly end of the tax year !
« on: March 08, 2009, 03:48:59 pm »
Hi all

Just doing a bit of bookwork as its coming to the end of the financial year.

Its come to my notice that i need to buy something to offset it against my profit !!

What im really saying is "I need to get my tax bill down no matter how small"

Any ideas, you can email me if you want marcusnorton@hotmail.co.uk
 
Marcus
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Chris B

  • Posts: 168
Re: Nearly end of the tax year !
« Reply #1 on: March 08, 2009, 03:53:31 pm »
Van, car,PC,laptop, office furniture,etc etc etc........
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MNWC

  • Posts: 1549
Re: Nearly end of the tax year !
« Reply #2 on: March 08, 2009, 04:00:23 pm »
mmmmm do you think a 42" plasma and PS3 player would do....... i could say its used for staff training...
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tompoole

  • Posts: 800
Re: Nearly end of the tax year !
« Reply #3 on: March 08, 2009, 04:25:17 pm »
put it in your pension if you dont need it
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Tosh

Re: Nearly end of the tax year !
« Reply #4 on: March 08, 2009, 05:35:54 pm »
It doesn't really work like that either.  You need to read up on capital expenses.
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Window Washers

  • Posts: 9036
Re: Nearly end of the tax year !
« Reply #5 on: March 08, 2009, 06:45:37 pm »
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If your not willing to learn, No one can help you, If you are determined to learn, No one can stop you ;)

macmac

Re: Nearly end of the tax year !
« Reply #6 on: March 08, 2009, 09:22:18 pm »
Quote from: Tosh on March 08, 2009, 05:35:54 pm
It doesn't really work like that either.  You need to read up on capital expenses.

Agreed ;)

Tony
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twt

Re: Nearly end of the tax year !
« Reply #7 on: March 08, 2009, 11:00:49 pm »
theres new rules this tax year regarding capital expenses up to 50k so it is a good time to buy new equipment etc...
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macmac

Re: Nearly end of the tax year !
« Reply #8 on: March 08, 2009, 11:05:16 pm »
Quote from: philip thomas on March 08, 2009, 11:00:49 pm
theres new rules this tax year regarding capital expenses up to 50k so it is a good time to buy new equipment etc...

Only for "plant"  a work vehicle is classed as plant.
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luther1

  • Posts: 1071
Re: Nearly end of the tax year !
« Reply #9 on: March 09, 2009, 07:36:57 am »
Spending £100 (or multiples of) to reduce tax bill by £22 isn't worth it is it? I'd rather have 10kish  in my pocket than a bill for 2k less.Never understood that theory.
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john tomkins

  • Posts: 1639
Re: Nearly end of the tax year !
« Reply #10 on: March 09, 2009, 08:31:59 am »
Quote from: luther1 on March 09, 2009, 07:36:57 am
Spending £100 (or multiples of) to reduce tax bill by £22 isn't worth it is it? I'd rather have 10kish  in my pocket than a bill for 2k less.Never understood that theory.

I was gonna reply with something along those lines......

But thinking about it for working tax/child tax credit purposes, it would be an advantage to bring your net profit down. Suppose it depends on individual circumstances.
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trevor povey

  • Posts: 452
Re: Nearly end of the tax year !
« Reply #11 on: March 09, 2009, 08:42:34 am »
equipment if you need it,company clothing,ISA??,vechile for work is always a good one as you are allowed a percetage each year for depreciation so it will also benefit you in the next tax year,also a private vechile to go around and look at new jobs,but the beat idea by far just to keep your lass happy would be a new washing machine!!
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williamx

Re: Nearly end of the tax year !
« Reply #12 on: March 09, 2009, 09:49:39 am »
Put it into a pension plan, the tax man even puts some money in as well.
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