Wife putting afew hundred pounds in to farm account.
- Thread starter Greythundercloudys
- Start date
texas pete
Member
- Location
- East Mids
- Location
- Devon
A perfectly reasonable question and I hope you have found some of the replies to be helpful.
Please don't take the general discussion on your thread about wives wages being used to prop up farms as any kind of comment on you personally. My posts are not aimed at anyone as much as I'm trying to convey a problem that can arise which I am acutely aware that I must avoid.
I think in your circumstance it really doesn't matter where you deposit the monies, you just need to do what works best and let your accountant do what's best 'on paper'.
There will be many who have for perfectly good reason, paid private money into their farm. It will just be to we sell the next lot of 'A'. It only takes a few unexpected bills and you can find the farm depending on the income of a spouse and that is not a good place to be.
I've shown your post to my corpulent friend.
He says fine so long as covid compliant rules are followed
Got her number?
Johnnyboxer
Member
- Location
- Yorkshire
Is it?
- Location
- Scottish Highlands
Charge, reclaim and record VAT
How to charge VAT, calculate VAT, VAT rates, reclaim VAT on business expenses, keep digital records.
I can’t see those circumstances applying to the OP.
texas pete
Member
- Location
- East Mids
666 696969
She doesn't like to use protection. She's old school.
He'll have to hold his breath.
I ... er .. I mean he can hold his breath for 10 secs so job’s a good un
texas pete
Member
- Location
- East Mids
Great...post pics for the archive please.
Good grief ...
Nearly
Member
- Location
- North of York
If you can still offset losses made on the farm against say, higher rate income tax paid by the wife then let the taxman put a few pounds in the pot at the end of the tax year?
- Location
- East Ayrshire
Sorted that for you!
Johnnyboxer
Member
- Location
- Yorkshire
Charge, reclaim and record VAT
How to charge VAT, calculate VAT, VAT rates, reclaim VAT on business expenses, keep digital records.www.gov.uk
I can’t see those circumstances applying to the OP.
Me neither,that is why I asked ‘Hampton’ to show me where it would be applicable to a car used for occasional farm business, but mainly by the wife for social, domestic and pleasure (plus commuting) purposes
Johnnyboxer
Member
- Location
- Yorkshire
Not relevant in this example as it isn’t a ‘company car’ used by an employee of the business for purely and only business use
- Location
- Shropshire
You’ve lost me, that was precisely the point I was making
Johnnyboxer
Member
- Location
- Yorkshire
Ok. I got the wrong end of the stick, apologies
betweenthelines
Member
- Location
- southwest
Use the spouses income for living expenses-groceries, clothes, holidays etc and stop taking private drawings out of the farm account