Allowable Expenses

[Mesterh]

Thats not true, you can still make a good profit and pay no tax.

 

Such as paying your wife to do the books, there's lots you can claim that comes back to you, I just need to know what

 

Ahh right tax evasion, I see now.

 

Yes you can pay no tax by fiddling but if you get caught:scared1:

 

Lots of 'good' accountants just fiddle stuff.

[Dean Lofthouse]

Ahh right tax evasion, I see now.

 

Yes you can pay no tax by fiddling but if you get caught:scared1:

 

Lots of 'good' accountants just fiddle stuff.

 

No fiddling, all totally legal allowable expenses as TCD as just listed above

[Dean Lofthouse]

Does ones accountant have to be local? If not Dean, I'll give you their details!

 

I'm going to see how my linching meeting goes with him, he will know in no uncertain terms that he needs to work much harder for his money. But I may come back to you on that TCD, I can always post my books on no worries

[18 stoner]

Ahh right tax evasion, I see now.

 

Yes you can pay no tax by fiddling but if you get caught:scared1:

 

Lots of 'good' accountants just fiddle stuff.

 

Why would it be tax evasion?

 

ANY expense directly accountable to the business can be put against tax.

[Rich Rule]

You can claim for numerous expenses as already described... but as my accountant put it that if you are ever investigated you have to have solid evidence to back the figures. i.e if you have a meter outside the office you can measure the amount of lecy, but it is difficult to precisely estimate.

[Dean Lofthouse]

You can claim for numerous expenses as already described... but as my accountant put it that if you are ever investigated you have to have solid evidence to back the figures. i.e if you have a meter outside the office you can measure the amount of lecy, but it is difficult to precisely estimate.

 

I hear what your saying Rich but they should be able to work out something on square footage divided by total square footage of the whole building ??

[Rich Rule]

that's just an example... but it can be applied to a lot of hidden expenses. good luck with it.

[Mesterh]

Why would it be tax evasion?

 

ANY expense directly accountable to the business can be put against tax.

 

Yes I agree with that but thats not what 'good' accountants usually do.

 

Also claiming you pay someone XX amount of money for a service that they dont provide in order to save tax is I think fraud. Plus his Mrs would then have to declare the earnings any pay the tax anyway.

 

There is a lot of stuff you can claim for but you have to prove it all.

[18 stoner]

Yes I agree with that but thats not what 'good' accountants usually do.

 

Not really sure what you mean by that?

 

Also claiming you pay someone XX amount of money for a service that they dont provide in order to save tax is I think fraud. Plus his Mrs would then have to declare the earnings any pay the tax anyway.

 

There is a lot of stuff you can claim for but you have to prove it all.

 

My accountant puts in an "allowance" for the work my wife does, although she is not paid. Perfectly submissable.

[Dean Lofthouse]

Yes I agree with that but thats not what 'good' accountants usually do.

 

Also claiming you pay someone XX amount of money for a service that they dont provide in order to save tax is I think fraud. Plus his Mrs would then have to declare the earnings any pay the tax anyway.

 

There is a lot of stuff you can claim for but you have to prove it all.

 

My missus can earn £5k without paying tax