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spending 50,000

Only for UK Tier 1 (Entrepreneur) points system

Moderators: Casa, JAJ, ca.funke, Amber, Zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, geriatrix, John, ChetanOjha, archigabe, push

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bus
Junior Member
Posts: 84
Joined: Sat Jan 18, 2014 1:13 pm
Singapore

spending 50,000

Post by bus » Fri Dec 12, 2014 4:46 pm

Dear Members
I wanted to clear my doubts how we can spend the money, much appreciated if you can give me a clear picture do's and DONTs please.

1. Can I mortgage a office premises than renting since this will be cheaper than renting
2. Can I lease a reasonable car for my work ( my husband lease a small car for me and im second driver (also this is our second car) can I pay the lease from my business and used that car for my business purpose's.
3. Fuel from my business account
4. Office furniture
5. employee salaries

then the profit can I reused the money maturing with my 50,000 or do I have to keep that profit untouched and show as dividends

I am searching good accountant experience with ent tier 1 visa extension.

much appreciate your valuable comments
regards

samaygrg
Senior Member
Posts: 607
Joined: Sat Jun 09, 2012 11:12 pm
Location: United Kingdom

Re: spending 50,000

Post by samaygrg » Tue Dec 16, 2014 1:15 pm

Yes, you can put all these costs into business expenses (investments), if you can justify that all these were genuinely required by your company's business activities.
However, if somebody is using the vehicle majorly who is rather than you or your company's assigned staff {eg. your husband}; it wil definitely put you in trouble in the extension. But if you want to have proportionate cost bearing, I think your accountant can do that for you.

I suggest you to have good chat with your solicitor and accountant in these regards.

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