30 May 2016

A question about : Advice on starting new business and tax after redundancy

Hi

I'm just after a little advice. I've taken voluntary redundancy which will be on 31st March this year ( pre new financial year!!) and will get a pre tax pay-off of Ј60k. I know that the 1st 30k is tax free but I will get taxed at 40% on the rest. I'm in the process of starting up a photgraphy business and I'm looking to buy additional equipment, lenses, lighting, spare camera body and laptop all for business use as well as considering buying a car for business use. I was wondering the followings:

1) how much of this can I claim tax relief as capital allowances?
2) do I need to register prior to 31st of January to reduce my tax liability on my redundancy and current employment?

Any advice will be greatly appreciated

Vegasoul

Best answers:

    Category: 
    Redundancy & Redundancy Planning
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