Quote:
Originally Posted by Holohana  i simply claim back everything that is a cost to the business be it fuel, tools, materials, clothes, stationary, staff (wife doing the books!), costs agisnt the home as i use it to run the bsiness, mobile phone & broadband, and any marketing costs such as advertising, business cards, flyers and sponsorship etc. This also includes any accomodation costs should you be working away and food allowance etc.
Of course the van goes against this as well, depreciation wise of course.
I then give it all to the accountant and then he works out whats ok and what isnt.
If its as legitimate expense then it should be claimable and offset against your tax, simple as that.
Have i missed or added andything i shouldnt have Grumpy? |
If you are paying your wife, ensure that you have registered with HMRC as an employer and you pay at least the National Minimum Wage, oh! and holiday pay!
Basically, anything that can be justified as WHOLLY AND ENTIRELY BUSINESS USE can be claimed against your tax bill. If you use things for personal use also, you must apportion the cost appropriately between business and personal.
Grumpy