Short transcript excerpt from a Hannah Hammond video discussing tax benefits for business owners versus W-2 employees. Key points: business owners can write off many everyday expenses (travel, meals, vehicle/gas) and can use depreciation strategies — including accelerated depreciation for vehicles over £6,000 — as well as cost segregation and regular depreciation for rental properties.
Chapters
Are there other tax advantages to be having the license.
When you're a business owner versus a W2 you now can write everything off business expenses. Right so now your travel that you you know everywhere you're traveling to and you're building relationships with potential clients those could potentially be write offs meals you have a percentage you could write off your gas your car which you could also depreciate your car your vehicle if it's over ÂŁ6,000 you can accelerate that depreciation which is why I get a new G wagon every year because the money's gone anyway because I either have to give it to the government the government or Mercedes Yeah and so between being a business owner and all of the write offs my whole life is business everything I do every day is somehow related to my business so I get to write off a lot of expenses and then the tax advantages of cost segregation or just regular depreciation if you have rental properties it's really nice.