Recent content by Cloud

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    buy to let - many or few?

    Is this a good time to invest in buy to let right now? Was it better a few years back? Would be good to hear your opinions.
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    Question on Petrol/Mileage Costs/Claims

    Hi David, Aside from re-claiming VAT, is there any reason to keep hold of fuel receipts? I have also been under the impression that there has been a need to hold onto fuel receipts for backing up a vehicle mileage log. If this is wrong, I will gladly dispose of them as they use up a lot of...
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    Push Bike - business expense?

    Thanks for confirming that Scalloway. Probably not worth accounting business use in that case.
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    Push Bike - business expense?

    Hi there, I'm considering purchasing a push bike for 'around town' errands such as posting a letter, picking up lunch, meeting a client. Can I claim the cost of the bike as a business expense? I am considering purchasing a mountain bike so that I may also use it as recreational use. If 50%...
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    Milage Tax Relief

    I'm a sole trader and have been trading for around 4 years. My vehicle is used for 50% of business duties, and so 50% of repairs etc have been put through the business. (for example, £1,000) This year, my business fuel milage has increased, making the tax relief for this higher than the relief...
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    Rent tax deductable?

    That's great - well that sums it up perfectly, thanks. Now just to work out exactly what proportion of the apartment is used solely for business use.
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    Rent tax deductable?

    Thanks very much for the help eaccountants. Nicola - the business is a sole trader. Will the current advice still be relevant? Many thanks.
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    Rent tax deductable?

    Hi eaccountants, Thanks very much for the helpful post - that's pretty much how I assumed it would work. You mention that opinions are divided - is this the case with HMRC as well? I'm only looking to make a fair claim and would like to follow the rules as tightly as possible. I will also be...
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    Rent tax deductable?

    Hi Spencergate, Thanks for your reply. The apartment contains 4 rooms: - 2 bedrooms - 1 bathroom - 1 living area with open kitchen The business would be using up 1 of the bedrooms as an office. I'm moving out of a commercial property and planning on working from home full time. Are there...
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    Rent tax deductable?

    If one decided to run a business from home inside a 2 bed apartment costing £1,000 p/m rent, and used 1 of the rooms solely for business use, would any of this expense be tax deductable towards the business? eg. 50% of home is used for business, £500 business expense per month Thanks
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    Purchasing shares as an expense

    Thanks for your answers - I had thought the 40% bracket was for profit falling between £35,001-£150,000? (edit: I understand - this includes personal allowance of £7,475, which enables you to earn up to £43,875 without falling into the 40% tax bracket.) Just out of curiosity - is it possible...
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    Purchasing shares as an expense

    I am a sole trader and will be profiting around £45,000 at the end of this financial year. (around £10,000 in the higher tax bracket - 40%) It is likely that I will only be profiting around £20,000 next year. Is it possible that I may purchase shares worth around £10,000 this month and use...
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    Best book on running a Limited Company?

    Thanks for clarifying that Tom - much appreciated. Just to confirm, so any money set aside for CT can be used for business expenses, but not for PAYE/Dividends (understandable). :)
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    Best book on running a Limited Company?

    Just a quick question regarding corporation tax. Must this be kept within the account at all times? I enjoy the benefit of running a Sole Trader account, which allows you to "dip" into any savings prepared for tax etc, especially for investments within the business, which are always paid back...
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    Best book on running a Limited Company?

    Thank you very much for that Elaine - very insightful! I'm hoping the advantages will be worth it, but wow, seems a LOT more complicated than running a Sole Trader business.
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