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[tigers_gonads]

In a couple of months, I'm back in business with avengence 

Looks like I will be running only one car (for both business and pleasure) for at least a couple of years until it picks up 

What (in the eyes of HMRC) can I ofset against my future tax bill, car maintenence / fuel and serviceing wise ?
Not like i'm likely to make a profit / break my tax code in the first year or two 

I can't see me being VAT registered in the near future.
I will be just down as a sole trader 

[Auto Addict]

Not alot in this day and age

[Lazydocker]

I would recommend setting up a Limited company, just in case it all goes south again, although that does involve a little more paperwork.

As for servicing costs etc, I doubt you could claim much. But you can claim mileage at the HMRC approved rates which should cover that as well. If you are likely to break the 18k(?) miles higher rate threshold then make sure you spread it over the year

[Terbs]

I have always submitted my van repairs/servicing/petrol to my accountant under Vehicle Maintenance...he has never said anything about not claiming for it

[tigers_gonads]

I would recommend setting up a Limited company, just in case it all goes south again, although that does involve a little more paperwork.

As for servicing costs etc, I doubt you could claim much. But you can claim mileage at the HMRC approved rates which should cover that as well. If you are likely to break the 18k(?) miles higher rate threshold then make sure you spread it over the year

I'll look into that Paul, Thanks 

Can't see that tbh 

[SIR Philbutt]

Calculate your business milage as a percentage of overall milage and then claim that percentage of all you vehicle costs + 36p per business mile.

Simpl's

HTH
Phil

[Lazydocker]

I would recommend setting up a Limited company, just in case it all goes south again, although that does involve a little more paperwork.

As for servicing costs etc, I doubt you could claim much. But you can claim mileage at the HMRC approved rates which should cover that as well. If you are likely to break the 18k(?) miles higher rate threshold then make sure you spread it over the year

I'll look into that Paul, Thanks 

Can't see that tbh 

I can highly recommend this company if you want to go down the limited route

[tigers_gonads]

I have always submitted my van repairs/servicing/petrol to my accountant under Vehicle Maintenance...he has never said anything about not claiming for it

Problem is, with only one car in the household its going to be used for pleasure aswell 

I think the milage bit should be ok as long as I keep a "Day Book" that matches up to my invoices, I can varify what mileage is work and what is personel 

Idealy, i'd love a small van but with no money and no credit rateing, i'm totally stuffed on that score for a good few years 

[tigers_gonads]

Calculate your business milage as a percentage of overall milage and then claim that percentage of all you vehicle costs + 36p per business mile.

Simpl's

HTH
Phil

Thats what i'm after 

Cheers  Phil 

[paul.lovejoy]

I always assumed it was 50% of whatever cost you entail no expert but web site does offer calculations etc

vans are 100%

My accountant used to still claim for part of my car although i ran a van

not sure what i will be doing now i am learning to do my own accounts

here some info

http://www.businesslink.gov.uk/bdotg/action/home?r.l1=1073858805&r.s=l

[tigers_gonads]

I always assumed it was 50% of whatever cost you entail no expert but web site does offer calculations etc

vans are 100%

My accountant used to still claim for part of my car although i ran a van

not sure what i will be doing now i am learning to do my own accounts

here some info

http://www.businesslink.gov.uk/bdotg/action/home?r.l1=1073858805&r.s=l

 

[SIR Philbutt]

Calculate your business milage as a percentage of overall milage and then claim that percentage of all you vehicle costs + 36p per business mile.

Simpl's

HTH
Phil

Thats what i'm after 

Cheers  Phil 

Glad to help - I now do my own self assessment as accountant charges got waaay to high  and that is how he always did it. I have always kept very detailed records and all he did was enter onto self assessment through his system. You can never have to much info that you understand if you are ever assessed by HMRC. Accountant is not liable if it is wrong based on info you supply.

Here is a link to self assessment gov site specific page on mileage but rest is there. Find some time (and strong coffee ) and have a good read. Also have a quick re-read just before you do your accounts as some things change

Good luck with your venture (or return) I have never (well almost) looked back

Phil
http://www.hmrc.gov.uk/incometax/relief-mileage.htm

[paul.lovejoy]

ditto on accountant fees

just got sage instant accounts to use mainley becuase i was struggling with the profit and loss account with regards to depreciation etc on plant and machinery.

But Phil is right all the info is on the site although a bit daunting at first and lots of reading but not as bad as i thought and wished i had done this years ago and saved the £600 a year bill

plus a good point is you can download all the help sheets etc

and as Phil said all the best with your venture 

[tigers_gonads]

Thanks for the advise lads 

After spending 2 years trying to save the business then the last 10 months sat on my arse with this bankruptcy, believe me i'm not fussed about money anymore ........... I just want a few quid in my pocket and a reason too get out of bed in the morning other then being a taxi driver / cleaner / cook for swmbo 

[paul.lovejoy]

good for you mate hope this time things work out better

taken me 10 years to get back to some sort of normality and now we are in reccession business partner did a runner to newzealand with our emplyed accountant ( his wife) then the bill started coming in 160k later ceratinley taught me the value of money

got a feeling in my water this year will be my year hope its the same for you  not that its been all bad just financially at the end of the day its just money