Doom wrote:
Listen up, I have a competent accountant, and when we last had to attend an investigation I was disqualified £4k that she'd claimed for plate expenditure, when I questioned it I was told they don't allow on a plate so to cushion the blow on future profit on it, that is what HM Tax inspector told me, argue all you like but that is the fact, if I lose out on what I paid come time to wind up the business I will not pay tax until my outlay is used up, if this isn't the case then I should pay no tax on any potential profit,
Not really sure if you're agreeing with me or not, but yes, if it's capital expenditure like a plate then the cost isn't allowed against income tax and it's carried forward until the item is sold or scrapped or whatever, and the cost is taken from the sale value to give the taxable capital gain or results in a capital loss if the item is sold for less than it was bought for or becomes worthless.
But I don't think a capital loss is allowed against income tax.
Quote:
now stop trying to make me look an idiot, I obviously know more than you do about it,
Thought you thought I was an accountant?
Got a pretty high opinion of yourself.
Quote:
so deal with it and stop giving me the old put him down routine, I'm nearly a quarter of a century in this trade and I get well fed up with you newbie know it all's trying to dictate to me
With respect, you seem to think you're an authority on everything, yet when someone challenges you then they're automatically in the wrong.
And it's bad enough when you're sober....
Login
Register
FAQ
