"It's all tax deductible.
We're fairly incorruptible,
We're sailing on the wide accountancy!"
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Previously on "tax deductible"
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Originally posted by paul8I have a feeling they have greatly increased in value since I purchased them.
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No did not purchase offshore.
The domains are used as individual businesses,and therefore they have not been purchased to resell.
I have a feeling they have greatly increased in value since I purchased them.
Paul
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Originally posted by paul8Thanks for the info.
My accountant seems to think this is not tax deductible and bearing in mind the 2 domains in question were over £10,000.
Paul
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Originally posted by meridianTo be fair to his accountant, at £10k for two domains (just the domains, and no site?) it could be construed as capital expenditure. We don't know the full story of how and why these domains were purchased, without which any advice to sack his accountant may be misguided.
Paul8, get a second opinion from a qualified accountant certainly, but make sure you provide the full background for a definite answer.
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Hello
Yep, cost of domains for business use would be classified as a business cost. At that kind of value, they could be classed as an asset as opposed to an expense of the business.
There could also be other tax planning points to do with holding the domain in your name and renting to the company, etc but speak to your accountant first.
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To be fair to his accountant, at £10k for two domains (just the domains, and no site?) it could be construed as capital expenditure. We don't know the full story of how and why these domains were purchased, without which any advice to sack his accountant may be misguided.
Paul8, get a second opinion from a qualified accountant certainly, but make sure you provide the full background for a definite answer.
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Paul8, you must sack your accountant immediately. He/she/it is clearly dangerously clueless and will cost you serious money. Really, I cannot emphasise this enough.
If you are looking for a specialist contractor accountant who knows the ropes of our business, the usual recommendations of the board are SJD, 1st Accountancy and Nixon Williams. The first two post here fairly regularly and may make themselves known in this thread before long. All will serve you well at a fair price.
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Hi Paul8,
Tell your accountant not to be so silly. If these domains are for business use then they should be paid for out of your business account and therefore VAT on them (if charged at source) can be reclaimed or, as Malvolio stated, they are taken from your company and therefore you will not pay tax on this amount.
Please let us know who your accountant is so we can point and laugh in their direction.
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Thanks for the info.
My accountant seems to think this is not tax deductible and bearing in mind the 2 domains in question were over £10,000.
Paul
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Huh?? If it's wholly and exclusively for your business, it's tax deductible.
Corporation tax is a tax on profits, so if you spend money you reduce the profit and so you pay less tax. So what do you mean by "under what section should I claim relief."??
Who's your accountant anyway? These are basics...
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tax deductible
Hi
I have purchased 2 domain names for use in my business are you aware if the cost of these are tax deductible and if so, under what section should I claim relief.
Any feedback much appreciated
Many Thanks
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