Ask an UK Tax Question, Get an Answer ASAP!
Thank you Raki,
for the quick reply and the positive answers. If correct of course, just what I needed to know.
but please tell me ..are you a qualified UK accountant..with tax experience..?
I understood my answer would go to a tax expert..and a financial advisor is not quite the same I imagine ?
I have read that the revenue dept argue about 100% allowances ..for many things.
hene my wanting a qualified experienced accountant to give an answer..
I am very sorry Rakhi,
I am sure you are very good at your field but I really need a working,qualified and experienced accountant who deals regularly with the Inland Revenue to answer this as I shall be doing my own books and want to know without doubt what they will accept as legitimate 100% operating expenses.
Yes please. I would perfer you to opt out ..thank you. And once again I must suggest you be more honest and use your own profile not that of another person ..on the opening page..
Different expert here - Welcome. My name is Barbara, and I will be happy to assist you with your tax question.
I have researched your concerns and am in agreement with the first expert, but would caution you to keep meticulous records as to your expenses, i.e., business v. personal. You mention that you will incur these expenses during the 5 months of ski season. HMRC provides the following:
"If you're self-employed there are various reliefs, allowances and expenses you can claim to reduce your tax bill. You can take away from your business income various running costs and expenses associated with your business to work out your profits - but you can't take away any private expenses. And you can claim special reliefs for certain "capital items" - one-off costs to buy or improve an asset you keep and use for your business."
My point of reference is the following which contains excellent information:
Once again, I would caution you to keep meticulous records of business v. personal expenses as well as pertinent receipts, logs, etc. to justify your position.
Please let me know if I can assist you further.
Thank you and best regards,