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Thommo said:It's OK about my accountant too. I don't need to make a phone call but if I needed clarification on these matters I would ask her, provided she isn't asleep when I go to bed. But then she may not know what she is talking about: She has only been in the industry over 40yrs afterall.
Thommo said:Many people are under the false assumption that:
a) many private expenditures are tax deductible
I and my accountant know perfectly well what "tax deductable items" are. What made you believe we don't?
thommo said:I reckon the free advice I (personally) recieved on this thread to be worth about what I paid for it. I will return the favour, if I may, and give a little free advice myself.
thommo said:I will return the favour, if I may, and give a little free advice myself.
Don't jump to conclusions such as assuming the advice I recieve is NOT from full time, very experienced, tax professionals. Certain comments on this subject were ill-advised and professionally rude. At least I took offence at them, on my wife's behalf.
Thommo
Oh man, I completely and utterly missed out the hints that it was your wife who was the accountant! When you said that you could ask her those questions unless she was asleep, I thought it was like me, how I get called at 9pm to be asked if buying stamps to send letters to clients is deductible.Thommo said:Over breakfast my wife reminded me that our LOC was set up before the Hearts case and therefore is an unreliable example.
No, she is "comfortable" with what we do. But hings were more different then than I realised.Mry said:Out of interest, did she say that you had to change anything?
Thommo said:With respect Corsa, if you are now with IBM then your speciality is not taxation. Was it you said something like "The majors are OK as far as they go"? Someone did. To say this is totally unprofessional and I am sure nobody on this forum would like to have their professional standards described in this way.
thommo said:But you have made comments on this forum, which have led me to believe that you claim personal items on your tax (ie your wife credit card bills, boat and car purchases) which is not correct.
This is a truly absurd statement and hardly worthy of a reply.
[/QUOTE]In case anyone's confused, nothing I have said should be interpreted as if I participate in or condone tax fraudCorsa said:Thommo, you are correct, my speciality is not taxation, but nevertheless I am a qualified accountant who is able to state with assertion various accounting and tax related matters.
No, I didnt say something like "the majors are ok as far as they go", I stated on two occassions that I am 99% confident your accounts are fine, it is just my/others interpretation of what you have posted here that is in question.
Thommo, the reality of the situation is you have made these comments in your posts...how can you say my interpretaion of this is absurd when they are written in black & white for interpretation by others? you have also said my opinions are worthless.
As I have said previously, if you agree that claiming personal items on your tax like your wifes credit card, boat and car, is not correct, then we clearly have no issues, no breach of the tax law and clearly it has been a misunderstanding.
I sincerely apologise for any misinterpretation that may have been experienced by you by my posts, I am sorry for that Thommo.
Best wishes
Corsa
thommo said:I also have a LOC into which I transfer excess funds in my bank a/c, regardless of whether these were private or taxable incomings. To buy a car I would simply transfer the funds out of this a/c into my bank and write a cheque. My wife's salary also goes into this a/c.
Again I have NEVER apportioned interest or charges. I have claimed the lot.
thommo said:Why, if you want a Rolex personally, couldn't you pay for it out of the biz and simply call it drawings? Calling it an "investment" is probably fraud but calling it "drawings" is honest and the money is taxable.