Tax advice?

he, i use the grounds of my house to sell plants and garden equipment.


i need advice on:





Which expenses can be deducted from the profits of the company if the business is incorporated? What principles are applied by the courts to decide this matter?





b)Whether i am entitled to claim capital allowances against the profits of the garden centre if i spends money on a planteria to house delicate tropical plants.





c)Whether any relief against corporation tax will be available to me if i incur trading losses in the first year of trading as a limited company.





d)Whether i will be able to claim the Principal Private Residence exemption from Capital Gains tax when i decides to sell his home at a profit in the near future.

Tax advice?
This is too complicated to answer in detail here.


See your accountant.
Reply:VERY basically.....


a. any expense incurred wholly and exclusively in line with the business (if not wholly and exclusively then apportioned as appropriate) - if you registered as a limited company then you are incorporated otherwise you are a sole trader





b. capital allowances can only be claimed from capital expenditure, ie a van or a trailer or a greenhouse or a shed





c. if you are not incorporated then there is no corporation tax - just income tax on your net profits





d. you will have to apportion the part of the land (and the time used) in calculating any cgt due





this is VERY basic and I would strongly suggest using an accountant MORE SO if you are a limited company as there are a lot more pitfalls in running a limited company





regards


Alex
Reply:You need a tax guy or an accountant..