tax help

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wynnwith

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3 August 2008
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hi there i run a livery yard (recently set it up) and wonder what expenses i can claim for against tax?

does anyone have any ideas? im a complete novice when it comes to filling out tax forms etc!

thanks in advance
 
You need to find yourself a decent accountant (preferably one with tax qualifications aswell) and get them to do it for you. If you are not sure what to do you can end up in all sorts of trouble from the tax man, and it can come back and bite you in years to come.

I do freelance accounting but my tax skills are limited.
 
While I agree with the previous replies, you will most likely need an accountant at some stage. Can I recommend that you give your tax office a call. I am self employed and when I first started out I gave them a call and they were extremely helpfull with advice about the kind of questions you are asking. Also it might be worth looking into any courses that may be available in your area for people in your position starting out in business. Good luck in your new venture.
 
I do corporate tax but might be able to help. Do you just want to know what is and isn't allowable? Generally, any expenses incurred in the course of your business should be allowable, including day to day expenses such as salaries, feed etc etc. You can also allow any interest suffered on any loans that allow you to run your business (or mortgage on property).

You will need to strip out any personal expenditure (even if it's personal calls made on your business line!!) Client entertaining is always disallowed. Also be careful about the costs of any buildings improvements you make - repairs are fine but if it "improves" the building (i.e. is capital expenditure) it's disallowable (but you get capital allowances).

Let me know if I can help any more (or PM me & I can dig out the relevant books!) but you would, as others have said, be best off to get a local accountant familiar with this sort of business to help you :)
 
PM me if you want - I too can get the books out!

In general as Maletto said you can allow expenses relating to the running of the business.

Loan interest etc could get complicated if your yard is part of where you live? ie the mortgage is on the whole property as you would need to split out the personal element.

Are you self employed or have you set up a company?
 
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