In Need of Experience

[chee]

Business experience Needed?

Hi, i've just become self-employed. First time starting a business.
I'm not sure if I lease a van, that i'm able to claim the sum back.....
If anyone can shed some light, i'd appreciate it.
Or any business advice.

Thanks

 

[Deleted member 9966]

Re: Business experience Needed?

hi chee,

which sum are you talking about? the VAT element?

GRR

 

[Dan]

Re: Business experience Needed?

You need to have something (profit) going through your business to have a tax bill in the first place to offset it against.

So if in the first term you only need to pay for example £100 in tax, and in that same period you're trying to offset £1000. Then clearly you'll not be able to offset the van.

Though if you needed to pay £2000 in tax (as you earned quite a bit) you'd be able to offset the £1000.

Double check that with somebody more in the know, and our resident accountant (grumpygrouter) might be able to clear that up for you, and help you with your accounts.

 

[jimbob]

Re: Business experience Needed?

Yes, you can deduct the lease payments for the van from your income, so reducing your tax bill.

Any expenses you incur which relate to your business are deductible in the same way. If you make a loss after the deduction of these expenses from your income, you will pay no tax, and you will be able to carry the loss forward to offset against future years profits, this reducing your tax bill in future.

May be worth considering getting an accountant to help you with some advice.....

Cheers
Jimbob

 

[chee]

Re: Business experience Needed?

hi chee,

which sum are you talking about? the VAT element?

GRR

Hi, i'm on about the payments for the lease of the van.

Cheers

 

[chee]

Re: Business experience Needed?

You need to have something (profit) going through your business to have a tax bill in the first place to offset it against.

So if in the first term you only need to pay for example £100 in tax, and in that same period you're trying to offset £1000. Then clearly you'll not be able to offset the van.

Though if you needed to pay £2000 in tax (as you earned quite a bit) you'd be able to offset the £1000.

Double check that with somebody more in the know, and our resident accountant (grumpygrouter) might be able to clear that up for you, and help you with your accounts.

Thanks for the quick reply, I will clarify with grumpygrouter.

Cheers Dan

 

[grumpygrouter]

Re: Business experience Needed?

Hi, i've just become self-employed. First time starting a business.
I'm not sure if I lease a van, that i'm able to claim the sum back.....
If anyone can shed some light, i'd appreciate it.
Or any business advice.

Thanks

Chee, drop me a PM with all your questions. I will answer as best I can.

 

[chee]

Hi, i have been trained on a 4 week course by PTS in Warrington.
Looking to get some experience with some pro tilers.

Cheers Chee

 

[djr tiling]

i think that it is best to learn on new builds so go round any local building sites and find out who does the tiling then give them a ring

others may think different but i think not having to worry about walls and floors being level and plumb as much as domestic re tiling situations although some new buids arent that good either :mad2:

 

[grumpygrouter]

Hi, i have been trained on a 4 week course by PTS in Warrington.
Looking to get some experience with some pro tilers.

Cheers Chee

Hope you enjoyed your course. Did you leave some feedback in the "feedback" forum?

Is Chris still there?

 

[Diamond Pool Finishers]

good luck mate :welcome:

 

[White Room]

Best of luck in your search

 

[rodders26]

Did you have any experience prior your course chee.:welcome:

 

[chee]

Hope you enjoyed your course. Did you leave some feedback in the "feedback" forum?

Is Chris still there?

HI grumpy, I was taught by warren and dave.
I will email any questions I have, much APPRECIATED!

Cheers Chee

 

[chee]

Did you have any experience prior your course chee.:welcome:

Hey Rodders, before training at PTS i was in Uni. So no experience b4 hand. I have since tiled my sisters floor with tavertine. Will upload the pictures soon.

Thanks Chee