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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Income tax on UK B and B? |
My tax bill is higher than expected although I am new to this business. Can anyone tell me what is and is not tax deductable for a b and b such as mortgage, insurances, council tax, food, cleaning, heating and light, furniture, repairs... Would really appreciate it! Thanks in advance It is best to engage the services of a QUALIFIED accountant. They would be able to discuss with you what expenses are allowable for tax purposes, because it does depend on your individual circumstances. I believe it is possible that would you should recieve a deduction for most of the expenses you have mentioned, even if it is on a proportional basis. You could allways go into your local tax office, and ask them, its free, but probably a bit bias!!!! But at least it would give you some idea. P.S. The better your accounts records are, the cheaper your accoutants fee should be, cause they will have less work to do. Best advice is to get an accountant or see a Tax Specialist... The best thing to do is see a local accountant and he will provide you the details and do your accounting... yes they cost money, but ultimately he/she will save you in a lot of taxes, so they do pay for themselves... I've learned that no good can ever come of trying to do your own accounting. Since you have a B&B which is a fairly simple business, you shouldn't be paying an awful lot for an accountant. If you are self employed or a contractor look at: http://forums.contractoruk.com/... Its full of information and discourse regarding self employment. http://forums.contractoruk.com/... |
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