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UK tax laws on domain names
- Thread starter pooey8
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On the face of it - one LJ of Appeal trumping another one - even though they are of the same rank! What has happened next I don't know - but you have sparked my curiosity enough to try to find out...
Do keep us informed
40%
At the tax office today I asked about a £5,000 domain that I bought.
I understood that you can claim 40% capital allowance on that domain name for the first year and then 25% for the following years. You need to intend to keep that domain for at least 2 years.
Creature.
At the tax office today I asked about a £5,000 domain that I bought.
I understood that you can claim 40% capital allowance on that domain name for the first year and then 25% for the following years. You need to intend to keep that domain for at least 2 years.
Creature.
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Could i ask what you told them
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Interesting that they suggest that you should capitalise it... Categorised as an intangible asset (goodwill)
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Do you have any reference for this that I can quote this to my accountant?
face2face
No record as I met the tax man face to face at the tax office today, however I am going back next week with the final figures so I can ask. The tax office run workshops on this every 2 weeks or so. I didn't buy the 5k domain to sell quickly, if that helps. I explained that I was using the domain as a marketing base for affiliate advertising and sales and multi-media type stuff. I doubt that I will ever use an accountant again. (Well I'll try not to anyway!)
No record as I met the tax man face to face at the tax office today, however I am going back next week with the final figures so I can ask. The tax office run workshops on this every 2 weeks or so. I didn't buy the 5k domain to sell quickly, if that helps. I explained that I was using the domain as a marketing base for affiliate advertising and sales and multi-media type stuff. I doubt that I will ever use an accountant again. (Well I'll try not to anyway!)
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Tell me that after you have your first investigation (at least once is six years)
Actually I kind of got the feeling they were making notes and copying what little I took along. Probably even recording our informal chat!
I did mention the rough cost of a car and a barrage of questions followed.I think that an investigation can be backdated to look at 6 years of accounts but I don't believe that in is definite that every individual will be investigated at least every 6 years.
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Actually I kind of got the feeling they were making notes and copying what little I took along. Probably even recording our informal chat!
I think that an investigation can be backdated to look at 6 years of accounts but I don't believe that in is definite that every individual will be investigated at least every 6 years.
you are right... in some case it is more.. more frequent
The tax office can backdate beyond 6 years with reasonable belief
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Hi Creature
Of course, it's costs.
Renewals will be annually offset against profits, along with all the other costs.
Depends if self-employed or limited company what other 'benefits' you get & allowances
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