Accountancy Advice

[peterchurch]

Hi,
I need to buy some IT kit over the weekend for an adhoc project that I am doing. What is the current state of play with regards to claiming tax relief against IT equipment for business use in a small business?

Thanks in advance

Best regards,

Peter

 

[McGreggor]

Hi,
I need to buy some IT kit over the weekend for an adhoc project that I am doing. What is the current state of play with regards to claiming tax relief against IT equipment for business use in a small business?

Thanks in advance

Best regards,

Peter

You can certainly claim back for VAT tax, just keep any VAT recipt and stick it through with your VAT return. Other than that I'm not sure, but I wouldn't be surprised if there is some government grants for IT purposes to help out small businesses... then again it is labour.. so maybe not!

 

[Satch]

You claim Capital Allowances. Have a look on the Inland Revenue website.

 

[peterchurch]

Hi,
Yes I get the idea that I am supposed to claim a capital allowance, but the bit that I cannot understand is howmuch? I heard that there is an allowance for 100% of IT spend to be claimed back in the first year but that seems to have ceased to be the case as of April this year, or did it ?

Cheers

Peter

 

[peterchurch]

Hi,
I think I have figureed it out the 100% rate stopped as of April this year from what I can see I am only allowed to claim 50% this year now

Cheers Gordon

 

[Sp!ke]

Is that 50% in year one and 50% in year two or is it a sliding scale?

 

[peterchurch]

Hi,
It is 50% off the assets value in the first year then 25% in subsiquent years on sliding scale I have found the link here

http://www.inlandrevenue.gov.uk/budget2004/revbn38.htm

There is, However a provision for 100% back on R&D so I may be able to claim back the lot on the basis of I am developing a small piece of software and I need the boxes in order to do the R&D

not that getting it all back this year is such a great idea as I will not have any expenditure to claim against CT next year

Thanks everyone

Regards,

Peter

 

[Benzowner]

But remember, depending on your tax level, you may still be spending £1 to save 20p, or its a discount given to you by the government

 

[peterchurch]

But remember, depending on your tax level, you may still be spending £1 to save 20p, or its a discount given to you by the government

Hi,
I am in the 40% bracket I needed a new laptop and server for future work commitments, I have bought a Toshiba widescreen notebook & fairly nice viao for use as a server
I spent £3K all in, and I get £500 of that back at the end of the quater, and as I under stand I get to take 50% of the rest of it off my profit for this year before I pay CT...

It still seems cheaper than an employee going to the same shop and buying that kit as he would have already parted with 50% of the cash in Tax and NI plus he could not claim the vat back where is the down side to this ?

Best regards,

Peter

 

[guydewdney]

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anyone reccomend a decent inventive / thoughtful accountant round my way? (herts / bucks / west london?)

the one i have at the moment is sooooooooooo straight laced its costing me a fortune - no creativity at all - im no accountant - but surely its his job to ask ME for expenses, and suggest things i can claim for (petrol ffs) - rather than me to ask HIM if i can claim for it.. if that makes sense?

I'm technically a property developer, and I have some (complex) shares, with a bit of work on the side (like the film industry work) - and am in the 40% bracket...
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