quick few tax question

[purplesky]

Hi,

Can I just ask a quick tax question?

If I started my business on 5th Jan 2006 - when will my first tax return be due?

I've bougt some essentials to start my business ie: folders, paper, storage area and a laptop. Now, I've used my personal credit card for these purchases (except the laptop) can I claim these items against my tax return??

thanks for the advice in advance!

 

[purplesky]

also..i've bought a mobile telephone can i claim for this also?

 

[Alpha]

If I started my business on 5th Jan 2006 - when will my first tax return be due?

If you are a sole trader tax return will need to be completed from 05/01/06 to 05/04/06(or 31/03/06) and must be at the tax office by 31/01/07 at the very latest(you will also have to pay any tax due by this date.

I've bougt some essentials to start my business ie: folders, paper, storage area and a laptop. Now, I've used my personal credit card for these purchases (except the laptop) can I claim these items against my tax return??

Yes but the laptop will not go directly against your taxable profits but you will claim capital allowances for it instead.

lso..i've bought a mobile telephone can i claim for this also?

Yes if you are using it for business

 

[Rachael]

lso..i've bought a mobile telephone can i claim for this also?

Yes if you are using it for business

alan, do you know if phone calls can be claimed against tax. ie i use my mobile for the majority of my calls can I put this against my tax. I've never done it before as I didn't think you could do it.

 

[dcaccounting]

Hi Rachael

If the mobile is for business use you will be able to claim for it. I think that was what Alan was getting at. Just expanding on that slightly, you will obviously have personal use of it to, so a personal deduction will be taken off and you would be able to claim say 60% against your tax liability.

Regards

Dean

 

[confused]

Sorry to but in, but can you also claim car parking against tax liability?

Thanks

CALV

 

[Rachael]

well, i've got a business contract and a seperate personal contract at the moment so would 100% be eligble?

 

[Alpha]

Sorry to but in, but can you also claim car parking against tax liability

yes if its car parking whilst going to see clients or other business calls.

Doubtful if its parking outside your premises.

 

[dcaccounting]

well, i've got a business contract and a seperate personal contract at the moment so would 100% be eligble?

Yep

Regards

Dean

 

[Rachael]

well there will be money saved!!!

 

[confused]

Hi,

I meant whilst visiting clients

Thanks

How about clothing, i.e. branded shirts/sweatshirts/fleeces etc?

CALV

 

[Rachael]

Hi,

How about clothing, i.e. branded shirts/sweatshirts/fleeces etc?

CALV

I know this one. Clothing is only covered if it's essential ie: steel topcapped boots etc.

Branded goods or just clothes for work arent included.

 

[confused]

ok thanks

CALV

 

[dcaccounting]

EDIT:

Sorry, i went into to much detail.... Rachaels short and simple answer is all that was needed.

Regards

Dean

 

[confused]

confused wrote:
Hi,

How about clothing, i.e. branded shirts/sweatshirts/fleeces etc?

CALV


I know this one. Clothing is only covered if it's essential ie: steel topcapped boots etc.

Branded goods or just clothes for work arent included.

Been speaking to an accoutnant today, aparantly branded clothing is classed as promotional material and therefore can be claimed against tax, Im annoyed now because I threw all my reciepts away !!

CALV