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Barbara
Barbara, Enrolled Agent
Category: UK Tax
Satisfied Customers: 1164
Experience:  16+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I have just formed a limited compnay. The business will be

Customer Question

I have just formed a limited compnay. The business will be a web site and magazine for a French ski resort.
I have purchased large 1993 32ft motorhome to live in (value 16000 GBP) as I may then expand to other resorts and need to be able to live and move independently.
I shall purchase a mobile internet connection as it is needed daily for my business.
I need to ski every day to give a daily weather and snow report.
so:
1) Can I pass the motorhome to the company and thne claim capital allowance and running exoenses,repairs. It will not be used other than the 5 months of the ski season.
2) Can I claim the camp site rent and the parking of it in summer when not used.
3) Can I claim for my ski pass and skis etc. All needed for work.

Although it sounds wonderful, I have actually been skiing for 40 years so like an instructor it is now work..and pleasure is a sideline.
Submitted: 1 year ago.
Category: UK Tax
Expert:  rakhi.v replied 1 year ago.
Dear Friend,

Hello and welcome. Thank you for providing us an opportunity to help you.

To begin with, I wish you good luck for your venture.

Coming to your question, all that you have mentioned in your question are purely your operating expenses. Operating expenses are the expenses necessary for running of your business. They are ancillary to the main purpose of your business and thus are regular business expenses. So, the answer to all of your question would be in affirmative - yes.

You would be able to pass the motorhome to the newly formed company to claim the capital allowance. you would also claim the camp site rent including parking and you would also claim for your ski pass, etc. These are necessary and allowable business expenses -- operating expenses.

I am sure this would help. Please feel free to get back if you need further assistance. Or, a positive rating would be appreciated if my reply answered your queries.
Warm Regards
Customer: replied 1 year ago.

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..


 


regards


Rob

Expert:  rakhi.v replied 1 year ago.
Dear Friend,

Hello and welcome again. Thank you for your follow up questions.

Financial adviser and tax consultants are almost same. So far as I am concerned, I am a qualified accountant and also have further graduated in Law with emphasis on finance, an added qualification here. I have been practicing for over 14 years now.

Warm Regards
Customer: replied 1 year ago.

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.

Expert:  rakhi.v replied 1 year ago.
Dear Friend,

Hello and welcome. Thanks for your follow up reply.

Though I have answered all facts and given all information correctly as I am ALSO an qualified accountant, I will have to opt out if you need someone else to help you with.

Let me know and I shall opt out.

Warm Regards
Customer: replied 1 year ago.

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..

Expert:  rakhi.v replied 1 year ago.
Dear Friend,

The profile that you see is cent percent original and verified by third party agencies. Do not doubt us.

I am opting out. Thanks.

Regards
Customer: replied 1 year ago.
Relist: Other.
I WANT AN ANSWER FROM THR PERSON ON THE PROFILE NOT SOME STRANGE PERSON . I WANT AN ANSER FROM A QUALIFIED TAX ACCOUNTANT NOT A FINACIAL ADVISOR.!!
Expert:  Barbara replied 1 year ago.

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:

 

http://www.hmrc.gov.uk/incometax/relief-self-emp.htm

 

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,

Barb

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Barbara
Barbara
Tax Professional
1164 Satisfied Customers
16+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.