Since 2005
FinancialOpen - Directory of Forum on Finance & Banking is a financial community with information on banking, loans & mortgages, stock & bond, taxes, economics, personal finance.

Tax relief - solar panels

Discuss anything related to Tax. Share information about Tax Consulting, Tax Returns, Tax Services and so on.

Tax relief - solar panels

Postby Adam Cruise » Tue Dec 04, 2012 3:07 am

I am in the process of registering a limited company, which will provide consultancy in a niche engineering area. I want to run the company part time to my full time job, which I pay tax via PAYE. My questions are as follows:

i. I understand that I can pay myself from the limited company in the form of dividends. How does this work, what tax will I pay, and how often can I pay myself?

ii. How is this type of payment set out in the company memorandum and articles of association?

extra question:

iii. If I go down the route of not being VAT registered, and bill a client for £500, which £200 being expenses, do I then pay 20% tax on the £300 profit (novice alert!).

Many thanks if you are kind enough to answer the above. Boston S

ps. can a limited company trade as soon as the relevant documents are electronically filed with Company's House?
Adam Cruise
Posts: 1
Joined: Tue Dec 04, 2012 2:58 am

Re: Tax relief - solar panels

Postby taylor alison » Thu Jan 10, 2013 1:44 am

I presume he is obtaining is, I believe, tax free. Accordingly no tax relief is due on the panels.

Otherwise, if he were to be entitled to claim capital allowances, they would have to be brought in at market value on cessation. If these panels are as good as the salesmen say they are, I suggest the value on cessation (within a year of installation) would be close to original cost anyway.
taylor alison
Posts: 1
Joined: Thu Jan 10, 2013 1:30 am

Return to Tax Help

Who is online

Users browsing this forum: No registered users and 1 guest