Switch account to my business name?
 

Hi - I currently have 2 meg bb and phone. I have two lines and unlimited calls. Having spoken with my accountant apparently the taxman would really like these to be in my company name, not my name. I work from home.

Is this possible. I rang CS earlier today only to get put through to Mumbay or somewhere so didn't even bother trying to explain.

Re: Switch account to my business name?
 

You would need to phone ntl:telewest business and get the account converted (if they still do this) to a business account

You cannot have a residential account in a business name

Virgin can send seperate VAT statements for the bills if that is the problem.

Re: Switch account to my business name?
 

No, I am vat exempt (financial services) apparently hmrc are likely to challenge it as a legitimate business expense if it isn't in my company name.

If vm won't do it and sky will then I'll be off.

Re: Switch account to my business name?
 

I doubt Sky will bill a residential service in a business name either.

Re: Switch account to my business name?
 

If your internet access is a business expense then it will be used for business purposes and such by the terms and conditions you signed up for, you need it to be a business account and not a residential account.

Has already been mentioned what you need to do.

Re: Switch account to my business name?
 

Indeed and I quote from the Residential Terms for clarity ;)

Re: Switch account to my business name?
 

I have no problems with switching it to a business account, just wanted to see if they would do it.

In terms of running a business from home, then I can't be the only person doing it.

I'm not exactly putting a large load on the network - email, web applications for mortgages and insurances.

My general web browsing is probably 50-100x more traffic than that - especially with a daughter who is always viewing stuff on youtube :D

---------- Post added at 11:00 ---------- Previous post was at 10:23 ----------

Was just about to get on the phone and do that when I remembered a thread on here about the brain dead way they pretend to implement fixed ip addresses.

http://www.cableforum.co.uk/board/12...ns-page-2.html

To be perfectly frank, that's an insult. I think I'll stick as I am and take my chances with HMRC. Rather than expose my machines to the internet, they are currently sitting behind a Linksys WRT-54G running custom firmware.

Re: Switch account to my business name?
 

Would I do business with you? Definitely NOT.

You ignore your accountant and are disdainful of HMRC.

You also are carrying out your business on a Residential broadband connection which is against the terms and conditions of that service.

Shall I call Watchdog now?

Re: Switch account to my business name?
 

<removed>

HMRC are happy at the moment but there is a feeling that they MAY look at these in the future. <removed>

In terms of what I do with my account, compared to all of the "linux distro" users on VM's network who are merrily downloading gig's and gig's worth of p2p movies etc then NO I don't worry about it in the slightest.

Call whoever you want, and then at the same time we'll forensically examine your pc shall we?

Re: Switch account to my business name?
 

It's not about what you do with your connection that's important, it's the entity that the service is provided to. You should also find that you'll get better service with ntl:telewest business broadband.

Re: Switch account to my business name?
 

You might find Kymmy's "Residential to Business braodband migration" thread worth a read -- it includes some discussion about the fixed IP business too.
And check out the details of the new Business BB STM...

Good luck!

Re: Switch account to my business name?
 

My current 2 meg service is rock solid, it "just works", to be honest I'm dreading getting a free upgrade sometime during the summer!

---------- Post added at 12:26 ---------- Previous post was at 12:24 ----------

STM wouldn't affect me in the slightest. I don't host ANY services. They could set the cap at 50meg of d/l a day and it still wouldn't affect me.

Wife & daughter wouldn't be too happy though - no more youtube :p:

Re: Switch account to my business name?
 

I think the biggest reason that the non-business clause is in the T&Cs (and why Virgin won't do a business name on a residential account) is to stop people trying to either claim loss of business if there is ever a problem with the service, or expect a same day/priority faults service (both of which are usually in the business services agreement)

Re: Switch account to my business name?
 

That make sense, so obviously can't be the reason why VM do it :D

Re: Switch account to my business name?
 

Two more reasons for not doing business with you if that's how you respond to my reasonable comments.

I merely pointed out that you were running a business on a residential service which is not allowed.

I made no threat to 'call anyone'.

Re: Switch account to my business name?
 

Shall I call Watchdog now?

Scroll back up and read it. At least be consistent.

Re: Switch account to my business name?
 

I think you've hit your own answer with what you've just said.... the connection has domestic use as well as your home business use.

The revenue (at least last year when I attended one of their fascinating ;) seminars) want to see credible tax returns, so I really cannot imaging that right now they will question a legitimate claim for expense. In the same way as your phone, electric, etc, you need to work out a 'reasonable' percentage of use consumed by your business activity.

So. for example, let's say that 40% of all your internet activity is business related and your charge is £20 per month, then you can legitimately claim an £8 per month expense, and reduce your profit by £8 pm accordingly.

You'll be able to do the same on phone calls, but things like electric and gas all you'll be able to deduct is the difference between the cost of heating and lighting between running your home business and not running it.

According the Revenue, you cannot deduct any costs associated with the building (ie part of your rent or mortgage) but I have heard from some accountants that there are ways to do this.

You also, by running a business from home, leave yourself open to paying Business Rates to your local council on a portion of your house. Your Council Tax will be reduced, but BR are always more expensive than Council Tax.

Back to your question... Putting in a claim for the whole of your internet connetcion when you work at home is VERY likely to attract the wrong sort of attention - and you really don't want a Revenue investigation, which WILL cost you a lot of money, waste a lot of your time and cause you sleepless nights.

The bottom line is that you need to be truthful and the truth needs to be believable.

Re: Switch account to my business name?
 

My accountant is fully qualified so I take her advice! I don't actually claim *anything* for home expenses ie any fraction of gas electricity etc. I have deliberately not asked for any change in council tax etc as there are other *potential* knock on effects when you come to sell like capital gains etc.

I agree that staying off the revenue radar is always preferable - again that's what I pay my accountant for - but I also have tax investigation insurance that pays up to 1/2 mill in professional fees.

Currently claiming deductions for mortgage interest IS now allowed again!

I guess the safe answer is simply status quo. Though if VM would do real static ip's then I would if they allowed it keep my residential and purchase a business bb as well.

Re: Switch account to my business name?
 

I don't mean to sound rude, but if you're so so happy with the advice your accountant is giving you then why are you asking for people's advice on here, then pooh-pooh'ing what people with their own experiences tell you?

So you're deliberately avoiding paying your Business Rates? I'm sure that will go down well with the local council.

Telling the thruth is what's always preferable. Claim for the things you're entitled to and stop trying to defraud the Revenue out of a few quid a month for your internet. It's not rocket science.

Static IP addresses have nothing to do with whether the service is a business one or not. As long as you're using the internet service for domestic as well as business purposes then you are not allowed to claim 100% of the expense as a business one - it's as simple as that.

And it's a little disturbing to me that someone who claims to be working in financial services cannot grasp a financial transaction so simple.:rolleyes: