UK Tax

UK Tax Questions? Ask a UK Tax Advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

UK Tax

I have just formed a limited compnay. The business will be

Customer Question
a web site and magazine...
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: 4 years ago.Category: UK Tax
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 1 hour by:
9/10/2013
UK Tax Professional: rakhi.v, Tax Attorney replied 4 years ago
rakhi.v
rakhi.v, Tax Attorney
Category: UK Tax
Satisfied Customers: 4,546
Experience: Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
Verified
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
Ask Your Own UK Tax Question
Customer reply replied 4 years 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

UK Tax Professional: rakhi.v, Tax Attorney replied 4 years 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
Ask Your Own UK Tax Question
Customer reply replied 4 years 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.

UK Tax Professional: rakhi.v, Tax Attorney replied 4 years 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
Ask Your Own UK Tax Question
Customer reply replied 4 years 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..

UK Tax Professional: rakhi.v, Tax Attorney replied 4 years 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
Ask Your Own UK Tax Question
Customer reply replied 4 years 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.!!
UK Tax Professional: Barbara, Enrolled Agent replied 4 years ago
Barbara
Barbara, Enrolled Agent
Category: UK Tax
Satisfied Customers: 4,454
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

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

Ask Your Own UK Tax Question
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: UK Tax
Satisfied Customers: 4,454
4,454 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,512 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

871 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
An individual Landlord who owns 6 properties has bought a
An individual Landlord who owns 6 properties has bought a laptop c£800 - can he claim Capital Allowances for it as he uses it to keep his records on and manage his 6 properties? Thanks CAS… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am confused so I rang HMRC. Now I'm even more confused!!!.
Hi Sam, I am confused so I rang HMRC. Now I'm even more confused!!!. I am UK resident.I am currently employed PAYE. I have been offered a job by a UK based company, working on a RAF base in the Falkla… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am self-employed in the UK, and I do contract work for a
Hi there. I am self-employed in the UK, and I do contract work for a company based in the USA. I get paid in dollars for that contracted work on a per-month basis, based on what work I do & days worke… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,096 satisfied customers
I have setup a partnership UTR with my wife (property
I have setup a partnership UTR with my wife (property management) treated as a Trading business . My turnover from rental income is just under £83,000. But if it did go above that would I have to regi… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I would like some advice on is on Capital Gains Tax, more
I would like some advice on is on Capital Gains Tax, more specifically, the 10% Entrepreneurs' Relief option. In May 2015, I sold part of my business, which was a website. The total sale value was $29… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I'm trying to figure out why my P60 doesn't account for the
I'm trying to figure out why my P60 doesn't account for the taxes paid when my RSU vest. It seems that they put the full amount of shares vested but they don't surface the almost 54% taxes already pai… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I've got an interest only buy to let mortgage for £112000 I
I've got an interest only buy to let mortgage for £112000 I was going to put £18000 down it ,which would reduce the monthly to about £220 per month .I currently get £595 per month rent .is it worth in… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,096 satisfied customers
I sold an investment in December 2017 for 100,000 GBP (net
I sold an investment in December 2017 for 100,000 GBP (net sales proceeds) . I bought the investment 15 years ago in 2002 for the total cost of 40,000 GBP I have been working overseas as an expatriate… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
My friend wants to buy annual leave from her work which then
Hi my friend wants to buy annual leave from her work which then is deducted through her wage over 12 months. Will buying annual leave affect her tax credit… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I'm trying to fill in my Micro Entity accounts and it keeps
Hi I'm trying to fill in my Micro Entity accounts and it keeps coming up shareholders funds must equal net assets. Not really sure why can you help please? … read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,096 satisfied customers
Regarding self assessment taxes. I'm a USA and UK citizen
Regarding self assessment taxes. I'm a USA and UK citizen and will need to file USA and UK (self assessment) tax returns. Both countries tax on worldwide income.In the USA I have a retirement account … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am submitting my Micro HMRC accounts first year for
Hi there I am submitting my Micro HMRC accounts first year for company - if I sen you our balance sheet could I have you tell me what box information needs to be filled in. I would be willing to pay o… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,096 satisfied customers
I am the director of our non profit organisation and am not
Hi I am the director of our non profit organisation and am not getting paid at the current date due to raising funds however I put in a lot of hours per week can I claim working tax credits along with… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
A person has dual residence in England and Greece with
A person has dual residence in England and Greece with income in both countries. 1.Do both Incomes have to be declared in the UK? 2.Is there a form which needs to be completed to inform the HMRC in UK… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
In February 1999 I bought my first house. The listed price I
Hi – in February 1999 I bought my first house. The listed price I paid was £30,500 (paid between deposit and mortgage). In June of 2008 I married and in July of that year I quit my job and my wife and… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
My question regards taxation on earnings that I have been
My question regards ***** ***** earnings that I have been paid in Bitcoin.I am a sole trader working in the online marketing space, residing and paying tax in the UK.I have been providing marketing se… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
A couple of years ago my employer closed the office I worked
A couple of years ago my employer closed the office I worked at (which was located a few miles from my home) and asked me to instead work from home, travelling to their other UK office (about 100 mile… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
If I give money to a US LLC to trade cryrocurrenxies for me,
If I give money to a US LLC to trade cryrocurrenxies for me, how will I be taxed in the U.K.?… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x