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Quite often we are faced with the following:-

“My mate down the pub said that ….”

Now if the mate down the pub was a professional accountant or tax consultant then that would be great but it is more than likely that this ‘tax advisor’ has not given you the full facts.
Here is a quick round up of the top five things that some have been told by the mate down the pub.

  • You pay no tax if you set up a limited company - Wrong
  • You can claim for all of your meals in your accounts - Wrong
  • All clothes are an allowable business expense - Wrong
  • A director of a limited company should pay a reasonable salary so HMRC do not investigate  – Wrong
  • You can set up a second business to avoid having to register for VAT – Wrong

Just to clarify – NONE OF THESE ARE CORRECT. So please do not follow the advice!

What 'great' advice have you received from your mate down the pub?

The "advice" may be correct but every case is different and all the facts have to be considered, it is vitally important that proper professional advice is sought before acting on any "advice" given to you.

My mate down the pub said...