Wind Power Generation As Business Expense?

[CaptainBob]

If I installed a wind/solar generation system on my Centaur, I'd be able to spend even MORE time onboard than I already do... which would mean I could work from the boat.

Would it be a valid business expense? Definitely wouldn't consider it if it didn't enable me to do some work onboard - but it would have obvious fridge - sorry, _fringe_ benefits.

TY again!!

 

[photodog]

my accountant claims for use of the boat as a office against my taxes... I doubt if you would be able to claim the capitol cost of the wind generator, but you should be able to claim a allowance for the business office space use of the boat.... though you will have to show that you are doing work from the boat....
Thats probably more valuable than the capitol expense of the gear anyway....

/forums/images/graemlins/smile.gif

 

[hannahjames]

This is something I have been thinking about lately.

I currently have a Ltd company that has no overheads and doesn't buy any stock, essentially I am a contractor that is paid for what I know.

Ok that out of the way I was wondering what benefits if any I could have if I purchased a boat through my company, would I need to charter it out, maybe have someone manage it for me like Alba sailing on the West Coast of Scotland etc etc

Anyone who has any information or who could help me with this I would love to hear from..

Thanks in advance

HJ

 

[PembrokeshirePromise]

Hmm - interesting - as I'm working from the boat for a few months.

Does your accountant manage to charge more than the rather low weekly allowance thats agreed for a home office + estimated % of utility bills (e.g. electricity ?)

Unless its significant - I'd be tempted to not even let the taxman know I had a boat - he's bound to find someway to hold it against me - not thatI'm bitter and twisted etc etc.

And then if you are using it as an office - does that mean its commercial use - so you need the boat coded - bet some jobs worth would say so if they ever thought of it

As I claim a home office - he'd probabaly just say that I clearly can't be working from both at the same time so to ignore it

 

[Tranona]

This only works if you can genuinely show that you are operating a charter business with a view to making a profit. This means doing much of the work yourself - advertisiing, finding clients, bookings, maintenance etc. Just letting your mates use it in return for payment is not enough. Costs can only be offset against your chartering income, not your other income. Given how difficult it is to make money out of chartering, not a route for the faint hearted!

 

[lw395]

Taxman has got wise to this, if your charter business is not very profitable, taxman will want to charge you for the use you get from the boat, it becomes a taxable benefit.
A lot of people try to run boats as loss making businesses I think.
You could do worse than ask HMCE by phone.
Also business use of boat can have CGT consequences when you sell it. Its possible we will have enough inflation over the next few years for the value of some used boats to rise.
People have been caught out with houses in the past, making one room an office, claiming loads of expenses, then get hit when they sell.
Searching the HMCE website is a good start.
HTH.
On the original question, I think you might get away with it but you could be taxed on the non-business benefit of it. The tax on something like a generator could turn out to be a small sum of money compared to the cost of talking to your accountant about it, let alone if the Church launch an inquisiton against you, which can be prompted by pushing the limits of expenses. On the other hand as it is green, they might even approve!

 

[Oceanmaster]

Tax man assumes if you own aboat, Then you are mega rich and are definatly avoiding paying so form of Tax. Best not even let him know you have a boat else they will pri until they have sucked every bit out of you. Happened to me. Boat and tax payments perfectly in order but for three years they tried to find something just because I have a boat.

 

[CaptainBob]

Thanks for all the replies. Sounds like even if it _can_ be justified, it's probably not worth it.