expenses

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses of dining, refreshments, a feast, etc.

In accounting, expense is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is diminished or exhausted, or a liability is incurred. In terms of the accounting equation, expenses reduce owners' equity. The International Accounting Standards Board defines expenses as:...decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.
Expense is a term also used in sociology, in which a particular fortune or price is sacrificed voluntarily or involuntarily by something or someone to something or somebody else, often in the context that the latter is taking advantage of the former.

View More On Wikipedia.org
  1. mak

    CIS allowable expenses flat rate on travel and food?

    I got a question for those who are CIS and file their own self assessment. I use public transport how should I calculate it? Is there a flat rate for public transport? What about food, can I claim anything if I'm 10 hours away from home?
  2. vxwestie

    Travelling expenses

    Just picked up some work from a national company a whopping 40miles from home (long distance for me) what's the going rate people are charging for travelling these days?
  3. B

    Expenses

    Hi. I am a self employed security system installer exempt from the CIS scheme. The company that I currently subcontract have me on a project working away from home at the moment. They A) Pay for my hotel directly and B) I invoice them for mileage and meal expenses which they reimburse me for as...
  4. C

    Sub Contracting - Calculating Travel expenses

    Hi I'm subbing to a contractor & they've agreed a travel rate for using my own car to get to site & back... Should I be deducting my 20% off my fuel expenses when I invoice or put in the full amount? They're paying 20p per mile... What's the deal with everybody else?
  5. W

    Expenses form.

    I am working through an Agency at the minute who are then paying my wages through a company called sterling. Don't really understand it, but i'm being paid so never mind! I've been put on to an expenses form through some one i've been working with, so what exactly can I claim back? I know...
  6. F

    Business Expenses (tax purposes)

    Does anybody know if you can claim work clothing as business expense for tax purposes. I would assume that you can claim for safety footwear - but what about trousers which whilst not a safety item - I wouldn't be without my knee pads at my age! Any informed comments would be appreciated - I do...
  7. M

    travel expenses, claim or not?

    hello chaps need some help with tracel expenses. my employer pays jib travel rates to work etc. the question is, can i claim the rest from HMRC as i am finding it difficult to manage with ridicilous petrol prices. last year i have worked in crewe for 3 months at the the most throught the whole...
  8. brucelee

    advice for tax expenses

    Hi everyone, I would like some advice and really appreciate any help. I am in the process of setting up and toying with if i should go limited or sole trader. I completed a 6 week electrical training course in august 09. It was for training and qualifications for C&G 2382-10...
  9. bcm_spark

    Self Assessment - Allowable Expenses

    Evening all, hope you are all keeping busy! I just wondered what amount people claimed for things such as heating, washing of clothes, use of a room (if using a room at your house), dog (security?), vehicle depreciation, anything else? Ive got a list of my usual expenses - fuel, phone, van...
  10. S

    expenses and taxman

    Anybody know of good website showing what u can claim as expenses. (or what u or your 'friends' have put through as 'expenses'). Promise im a sparky and not the taxman.....cheers

OFFICIAL SPONSORS

Electrical Goods - Electrical Tools - Brand Names Electrician Courses Green Electrical Goods PCB Way Electrical Goods - Electrical Tools - Brand Names Pushfit Wire Connectors Electric Underfloor Heating Electrician Courses
These Official Forum Sponsors May Provide Discounts to Regular Forum Members - If you would like to sponsor us then CLICK HERE and post a thread with who you are, and we'll send you some stats etc
This website was designed, optimised and is hosted by Untold Media. Operating under the name Untold Media since 2001.
Back
Top
AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock