Reply to: Super tax savings

[eek]

IMO the accountants most of us are using (80-100 per month) are good for filing returns, doing taxes and standard template expenses, they are not providing a service to optimise income/profits, so sometimes the collective wisdom of this forum can come up with something they have not thought of !

You asked what seemed a simple question which actual depends on factors we didn't know but your accountant will because they will know more about your actual business than a set of anonymous people online.

It wasn't a how can I optimise income / profits it was can I use this scheme for XYZ and the rules for that are dependent on 4 things, the exact item you are buying, why you are buying it, what you intend to use it for and the work your business performs.

We could answer the first bit, we can't answer the others and being frank - there are very few ways you can optimise your income as we discussed yesterday.

[i-am-ltd]

I only post ask your accountant when it's the sort of thing that you should be using them for, in this case it was because the devil is in the detail and we don't and can't know the detail.

IMO the accountants most of us are using (80-100 per month) are good for filing returns, doing taxes and standard template expenses, they are not providing a service to optimise income/profits, so sometimes the collective wisdom of this forum can come up with something they have not thought of !

[eek]

maybe it will get better if veterans stop with "ask your accountant" thingy ! this forum is soo quiet and once in a while if someone asks something we are seeing pointless responses !

I only post ask your accountant when it's the sort of thing that you should be using them for, in this case it was because the devil is in the detail and we don't and can't know the detail.

[i-am-ltd]

Sheesh, is it me or has the quality of posters in prof taken an absolute nosedive since April?

maybe it will get better if veterans stop with "ask your accountant" thingy ! this forum is soo quiet and once in a while if someone asks something we are seeing pointless responses !

[jamesbrown]

Sheesh, is it me or has the quality of posters in prof taken an absolute nosedive since April?

[i-am-ltd]

We’ll then, there’s your answer.

not exactly ! as 90% or more here are in 'IT Consulting Services' business the laws should apply in the similar manner to everyone, is it not ? the accountant is only an advisor in the end HMRC will come after you if you bend the rules !!

[Lance]

my accountant says this is not application for my company

I think you should find an accountant who speaks proper English then.

[cojak]

my accountant says this is not application for my company

We’ll then, there’s your answer.

[i-am-ltd]

definitely :-))

my accountant says this is not applicable for my company

[i-am-ltd]

Ask your accountant...

definitely :-))

[eek]

does this apply to the phone ? desk and chair ? and screen ?

Ask your accountant...

[i-am-ltd]

does this apply to the phone ? desk and chair ? and screen ?

[philip@wellwoodhoyle]

One other caveat is that to claim the super-allowance, the item you buy has to be new, and not second hand or a demonstrator model etc. That fact came out of a recent tax course. That could catch people who buy reconditioned or second hand equipment etc.

[JHamp82]

Yes, assuming the Laptop will be wholly and exclusively for the purpose of your trade then you can claim this under SD where 130% of the cost goes against taxable profit.

Thanks.

[jamesbrown]

Assuming it is treated as a capital expense, yes.

( Bear in mind that, if you sell the equipment back to yourself on closing your company and the equipment still has residual value, it is complicated to reverse. )