- Location
- Scottish Highlands
Or that spanner you need to fix the lawnmower
That would be the farm lawnmower, surely? Bought at a roup and put through the accounts as "straw" or somesuch.
Or that spanner you need to fix the lawnmower
Has she seen your contributions to oooh thread!? That might solve the problem.My wife has a good job and has started putn a few hundred pounds in to the farm account, to help pay for the payments on the car, etc, so this money is taxed before it goes in, but how does that work for tax on the farm income, don't won't taxed twice.
Maybe it’s a landrover farm , and has a Range Rover . Our leader was talking about this this morning , A land agent friend telling the story of sorting out a financial issue for bank ,It is sad to see partners money go into a farm to bolster income but if there are children to feed, holidays to be had, school funds for trips and other endless fees, clothing, bikes and toys to pay for, nice car on the drive then there will never be enough profit off the farm to cover this unless the farm brings in generous returns. A household needs such a big monthly income to sustain it - the modern family will not make do and mend no more. A farm income would have to be pretty generous to sustain a wife to not be at least a part time worker on the farm. To be able to bake and craft all day while the husband toils on the farm cant be acceptable anymore can it? I see no issue with a partner bringing in an income to make a comfortable life within the home. Saying that why put the money in the business account because unless your earning vast amounts most of the income is going on food, everyday spends,, household expenditure then keep the money separate and use it for that.
Legend has it farmers are at this sort of thing all the time.That would be the farm lawnmower, surely? Bought at a roup and put through the accounts as "straw" or somesuch.
Easiest way is to get wife to pay the money into your personal account, then you pay it in a reverse drawings. No tax between spouses, and you may be able to reduce your own tax liability.My wife has a good job and has started putn a few hundred pounds in to the farm account, to help pay for the payments on the car, etc, so this money is taxed before it goes in, but how does that work for tax on the farm income, don't won't taxed twice.
I’m assuming that the car is purchased/leased by the farm so you could claim the VAT. Wife is using car for daily commute etc.
If this is the case, the accountant needs to know and you need to be less naive about how you phrase posts on the forum to prevent a tax inspection.
Keep things separate.
Wife wishes to loan company some money. How can we do this tax efficiently? Don’t mention anything to do with car.
Spending money that's solely generated from selling farm produce is pretty degenerative.It is sad to see partners money go into a farm to bolster income but if there are children to feed, holidays to be had, school funds for trips and other endless fees, clothing, bikes and toys to pay for, nice car on the drive then there will never be enough profit off the farm to cover this unless the farm brings in generous returns. A household needs such a big monthly income to sustain it - the modern family will not make do and mend no more. A farm income would have to be pretty generous to sustain a wife to not be at least a part time worker on the farm. To be able to bake and craft all day while the husband toils on the farm cant be acceptable anymore can it? I see no issue with a partner bringing in an income to make a comfortable life within the home. Saying that why put the money in the business account because unless your earning vast amounts most of the income is going on food, everyday spends,, household expenditure then keep the money separate and use it for that.
I suspect the OP isn't actually called Mr Grey Thunder Cloudys which might make the tax inspector's job a bit harder than you're making it out to be!And perhaps ask the mods if you can change the title and opening post
Well done smartarse, it doesn’t take a genius to find out who farmers on here are.I suspect the OP isn't actually called Mr Grey Thunder Cloudys which might make the tax inspector's job a bit harder than you're making it out to be!
Company car is vat deductible.How can you claim back the Vat on a new or used car ?
If you claim the VAT back you are allowed ZERO private use and that includes wife driving to her work!Company car is vat deductible.
Precisely my point, thank youIf you claim the VAT back you are allowed ZERO private use and that includes wife driving to her work!
Legend has it farmers are at this sort of thing all the time.
Don’t know about others but my accountant wouldn’t stand for it.
Your accountant wouldn’t know if the invoice was made out for ‘straw or somesuch’. That would be entirely your own fraud.
Indeed, and it's a bad example, as a lawnmower would be a quite legitimate business expense for an enterprise that has acres of grass.
Surely you would have to demonstrate that fact to HMRC not TFF.Absolutely. A ride-on mower has been demonstrated on here to be an effective treatment for fathen in grass seeds.
As their are two parties in a deal both buyer and seller would be involved in fraud, it might not be easy to prove but if selling I’m not sure I’d want to upset the powers that be for someone else’s benefit as I’m sure they’d take a greater interest in my books afterwards which would almost certainly end up costing me if only In time and accountants fees.Your accountant wouldn’t know if the invoice was made out for ‘straw or somesuch’. That would be entirely your own fraud.