what would scooby do

In addition to my day job.. so my question is - any books or recommendations for "reducing my tax liabilities" in the new business - i.e. what can I get away with claiming etc..

One thing I may look at doing is renting out my spare bedroom to my self as an office (etc etc)..

carl

Get an accountant and ask their advice. I think renting out part of your house to yourself is a no-no as that bit's no longer a private dwelling, so is not exempt from CGT.

It's a minefield out there...

Tiggs

if you cant afford good legal/accountancy/financial advise then ask yourself if its worth being a director.

T

carl

Know anyone Tiggs?

what would scooby do

LOL - I have an account already in the pipeline, company will not be active until jan 2003. I just need start investigating and gathering a bit of knowledge now..

Devil's Refugee

Try contractoruk.co.uk
It has various links to sites which could help.
Seen one which listed all the types of expense claims and limits you could get back.

what would scooby do

eeeeeeeeeewwwwwwk - way too much IT geekery on that site - but hey thanks for that, some of the links are indeed of interest.

P20SPD

iTrader: (1)

Who advised you to become a director of, i assume, your own company?

what would scooby do

I is one of 4 directors running a leisure company

P20SPD

iTrader: (1)

Sorry, my point is, whoever advised you to become a diretcor of limited company, is the person you need to go see, as they will/should have reasons for doing so.

They should also explain your duties as a director and advise on your taxation position with regard to relevant expenses you may claim from the company.

If they can not do this, then seek another adviser.

father_jack

You can claim for part of house office. e.g. 15% of rent or mortgage if you used 1 bedroom in a 3 bed house as an office.
You can claim a proportionate part of heating/lighting bill.
I don't bother with the rent, but do claim the power, phone etc.
I bought 20 quids worth of company stamps yesterday too, which comes in handy for Christmas

Tiggs

carl.....funny you should ask

carl

father_jack: are you sure about stamps? I don't think they're claimable, as they're valid currency. For example, you could go and buy £1,000 of stamps with the company's money, then go to the post office and exchange them for cash. Then you've just taken £1,000 out of the company without paying any tax or NI.

Tiggs

on the subject there are also ppl on ebay who take stamps as payment for things- mobile phone kit for example...not that i'd buy a phone with stamps that i then claim back from my firm

carl

Why would you need to do that, Tiggs, when you're obviously buying kit for your company mobile phone?

father_jack

Of course you can claim stamps - whether you feel you can justify a grands worth to the IR is up to you
I have a real company and I don't pay for business postage out of my own pocket, why would I? Does IBM have a whip round for stamps when they need to post a letter....... errr no.

carl

I venture to suggest that IBM has franking machines

father_jack

You know what I mean :rolleyesbackatya:

Tiggs

"whether you feel you can justify a grands worth to the IR is up to you"

one word......MAILSHOT! (lots of them, big ones)