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Law Billing Software Uk
UK Tax Laws – Buying Equipment on Behalf of a Customer?
I develop software for the blind. Recently I have branched into PC repairs. I am about to buy and install equipment for a customer but am not sure how to handle the tax side of this. The equip is 90 and the service (my fee) is 45. I want to bill the customer 135, but don’t know how to handle the tax on this.
As the equpment will not belong or be used by me I will not get capital gains tax on it, but I do not want to get taxed on 135 instead of 45.
How do I represent the 90 in my tax return?
There is no Capital Gains Tax on the sale of equipment.
You will invoice the customer for £135, but then include the £90 in your purchases – this way you will not pay tax on the £90.
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