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Recent content by Lorne
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Legitimate expense for Offshore Engineers?
Thanks Guys. Along with a little more research then provided contractors who buy the chornograph only use it wholly and exclusively in the course of their business it is actually a legitimate business expense. Granted nearly £1500 for a chronograph is a lot to pay, but then how you run your...- Lorne
- Post #12
- Forum: Accounting / Legal
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Children as shareholders
....and, not that it would be any of the governments business how I run my company, but since it's a high tech engineering business that relies on well educated staff, it really would be in the future best interests of the company for the next generation to actually be able to understand...- Lorne
- Post #5
- Forum: Accounting / Legal
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Children as shareholders
Direct.gov.uk says: Tax on children's income Your children have a personal tax-free allowance each year (£7,475 for the 2011-2012 tax year). They can have income (including interest) of this amount in the year without paying any tax. And I'm pretty sure that it doesn't count as income shifting...- Lorne
- Post #4
- Forum: Accounting / Legal
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Children as shareholders
So here's one that I can't find anything wrong with, but that my accountant just says won't work: I'd like to make my 2 children shareholders in my ltd company so that I can pay them some dividends and they can use their tax allowances. Like adults, children have a tax allowance. Of course if...- Lorne
- Thread
- Replies: 10
- Forum: Accounting / Legal
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Legitimate expense for Offshore Engineers?
I was thinking that since it has a chronograph (stopwatch) built into it, and a stopwatch is pretty much essential offshore, for example for timing pipelay welding passes, then it should count as the sort of thing someone could possibly buy solely for business use. The fact that someone might...- Lorne
- Post #9
- Forum: Accounting / Legal
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Legitimate expense for Offshore Engineers?
If you really would like a discount then you can always send me an email. And, of course it's NOT spam! I've been a contractor for 25 years now, so I've come across one or two seriously good business expenses. In fact I've been a contractor so long I even remember when it was the in thing to...- Lorne
- Post #7
- Forum: Accounting / Legal
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Legitimate expense for Offshore Engineers?
Hello All, I've been a contractor for 25 years now in the oil & gas industry. Recently I turned my hobby of building chronographs into a new sideline and set up a seperate company so that I can do it all properly. The chronograph I build and sell is called the OFFSHORE Professional Field...- Lorne
- Thread
- Replies: 15
- Forum: Accounting / Legal
