Bought new Takeuchi TB210R micro

[Monkeybusiness]

Stolen? Uninsured loss?

I’d imagine he buys it out of the business for whatever it’s written down to on the books?

 

[Jimoz]

What kind of depreciation are you allowed per year

 

[TiltyShaun]

What kind of depreciation are you allowed per year

Ask your accountant

 

[doobin]

Or leave it in the bank and have a rainy day fund.
It will be interesting to know what it cost. I know when I got the E10 it was another £1700-£2000 for the tak and then another £2000 for the finance. That's a fair difference for a tool that does the same job.




I didn't realize how little a 1.9t was and how much a 3t was.
Did you put a big deposit on the 1.9?

I put 10% down on all. E10 13k, E19 with extras 19k and E27 with rotating grab 30k

 

[fred]

How do you show the asset leaving the company @fred ?

its written off, accountant will sort.

Can;t remeber last time the accountant or HMRC came and did a stocktake, if they did id hire in a couple machines for cover.

 

[Jimoz]

My accountant must be s**t I've had years where I've paid loads of tax why ain't he ever told me to bloody buy a digger before now. I'm not sure my 70s stacker is worth owt never mind depreciate.

 

[GazCro]

My accountant must be s**t I've had years where I've paid loads of tax why ain't he ever told me to bloody buy a digger before now. I'm not sure my 70s stacker is worth owt never mind depreciate.

Some accountants are the tax man in disguise. I guess it reflects badly on them if they look after a load of businesses which never pay any tax. There's been one or two round me who folk have used and never paid tax until the accountant has been looked in to.

 

[fred]

My accountant must be s**t I've had years where I've paid loads of tax why ain't he ever told me to bloody buy a digger before now. I'm not sure my 70s stacker is worth owt never mind depreciate.

yup he is.

Claim capital allowances

Claim capital allowances so your business pays less tax when you buy assets - equipment, fixtures, business cars, plant and machinery, annual investment allowance, first-year allowances.

www.gov.uk

 

[fred]

you can also lose tax on electric cars, they have zero benefit in kind.

 

[fred]

I put 10% down on all. E10 13k, E19 with extras 19k and E27 with rotating grab 30k

lets do the math.

£30k, that has now saved you £5700 of corp tax in the first year, after which you can move it on. Little diggers better as more people have 12k to spend than 25.

Show me a cash option that comes anywhere close to this return with practically no risk.

There are many many more 'legal' loppholes out there.....

 

[Jimoz]

Yeh I knew that.
Few years ago I was living in a company new build for 6 months he had me paying BIK on that. I thought I should be getting paid for house sitting!
One year my personal tax was 3k higher than it should of been. Took loads of prodding to explain why. When I told him his firm would be paying some figures were adjusted and forms sent at his cost to make everything right again.
Damn I'm too loyal

 

[V8Druid]

Some accountants are the tax man in disguise. I guess it reflects badly on them if they look after a load of businesses which never pay any tax. There's been one or two round me who folk have used and never paid tax until the accountant has been looked in to.

yep ... my accountant was good .... as long as you knew what questions to ask him ... never volunteered a lot ... but suitably 'wound up and pointed in the right direction' was good

 

[Jimoz]

Capital allowances when you sell an asset

Selling or giving away an asset you claimed capital allowances on - balancing charges, balancing allowances, closing your business, how to claim and pay tax on your tax return

www.gov.uk

 

[V8Druid]

I know I keep saying this, but it costsme just £230 a month over five years to have a new micro in the yard for when I need it. £280 a month for the 1.9t and £470 for the 2.8t. That’s not expensive, and you only need a days work each for the first two machines to pay for them. So why have only one machine that you waited till you could afford to pay for? You’ll miss out on loads of jobs that way.

When some of you were younger and rates were 10% plus APR then I’d agree with waiting. Possibly. But with rates at 2.6 flat or even 0 percent? Times change, we are in a different word these days and it works differently. Right or wrong I don’t know, there are all the makings of a bubble. But one has to play the cards one is dealt.

I have to agree that 0% finance is a no brainer ...... sit on yer own money and pay them monthly ... you always have your savings to fall back on then ... you're right Doob .... APR was crippling back then

 

[V8Druid]

Ask your accountant

IIRC (but may well have changed) .... 25% first year and 10% each year after

 

[fred]

IIRC (but may well have changed) .... 25% first year and 10% each year after

100% in first year.

 

[V8Druid]

100% in first year.

on capital plant and equipment ???????? ...... hell I could have a field day now

 

[JD450A]

Times like these my side business as a informant to HMRC works well

 

[Smiffy]

What kind of depreciation are you allowed per year

I don't know but my old bosses combine was worth £25 on the books
Probably 20-30 grand worth of machine still and paid for itself 10 times over

 

[fred]

on capital plant and equipment ???????? ...... hell I could have a field day now

yup 100% in first year, has been for a long time.

Claim capital allowances

Claim capital allowances so your business pays less tax when you buy assets - equipment, fixtures, business cars, plant and machinery, annual investment allowance, first-year allowances.

www.gov.uk