Things you can claim for on tax returns

[Gavin John Hyde]

Just been discussing what you can and can not claim for on your taxes with a customer whose house i was at this morning.
Hes a retired book keeper and it came about because of a article in the daily mail he read today.
It makes interesting reading, obviously check with your accountant but it seems if you are a one man band as a ltd company then you can spend £150 per year on entertainment at no tax cost to your self..
Likewise explains about claiming for phones and even claiming on your gym membership.
If done correctly these can make a good saving over the year.
How to claim the new iPhone against your tax bill | Daily Mail Online - http://www.dailymail.co.uk/money/smallbusiness/article-4895248/How-claim-new-iPhone-against-tax-bill.html

Speak to your accountant come your tax returns and see what you can claim is my advice.

i have emailed mine regarding gym membership costs, and will be discussing a holiday to cape town in the new year where a friend is installing solar panels on his house and i'm going to help whilst there

 

[snowhead]

and will be discussing a holiday to Cape Town in the new year where a friend is installing solar panels on his house and i'm going to help whilst there

I thought you said you were going out there to quote for an install..

 

[Octopus]

I will discuss this with my accountant next week.

A couple of years ago I asked him if he could apply off shore tax rates too my income - he politely, and firmly said no

 

[Gavin John Hyde]

I thought you said you were going out there to quote for an install..

Well im going as hes a long standing friend and will be helping, so whilst there i am technically working and will be giving quotes for many other jobs too I suppose i can argue i am receiving board and lodge in exchange for labour!

 

[Deleted member 26818]

I did some work a couple of years ago on a holiday flat in Gibraltar.
I rode my bike from London across Spain to Gibraltar.
I claimed all my travel costs, accommodation and subsistence.
Customer paid for my ferry crossings and for my days work, stayed in the flat for a week for free.

 

[DPG]

I did some work a couple of years ago on a holiday flat in Gibraltar.
I rode my bike from London across Spain to Gibraltar.
I claimed all my travel costs, accommodation and subsistence.
Customer paid for my ferry crossings and for my days work, stayed in the flat for a week for free.

Bet you didn't do all that distance on that bike in your avatar! Not without some more padding anyway

 

[Dave OCD]

I didn't like to say it lol.

 

[Squid]

LTD Co in IT, I used to claim for travel to and from work, breakfast and lunch I also claimed for the errrr £1000 bike that I rode to the station to catch the tube which errrr got stolen then 2 years later I bought another bike........

But one day I was out and about at Christmas time and phoned my accountant and asked him could I claim the money back for a Christmas Tree, he said if it is used 100% for business use then I can, odd that my office was in my house so it was 100% kosher.

;o))))

You'll surprised what you can get away with, stock up on postage stamps as Christmas is coming...... and before the financial year is out make sure your laptop/printer/phone is up to date.

 

[Squid]

Oh and I am allowed to spend £125 on a Christmas party so myself and the OH go out for dinner......

 

[DJ Ovengloves]

The £150 per employee, you’ve either got an extra £25 or you are both going to have incredibly sore heads this year with £175 extra.

Don’t forget to have an AGM somewhere warm too

Oh and I am allowed to spend £125 on a Christmas party so myself and the OH go out for dinner......

 

[Deleted member 26818]

Bet you didn't do all that distance on that bike in your avatar! Not without some more padding anyway

This one:

 

[Gavin John Hyde]

Oh and I am allowed to spend £125 on a Christmas party so myself and the OH go out for dinner......

I was talking to a plumber friend about this and what he does is buy a pile of gift vouchers for restaurants or supermarkets upto the £150 and then he gives them to himself as the sole employee for his own use as entertainment at xmas. Its all squared off with his accountant, he does the whole christmas food shop out of money that would otherwise go to the taxman and has money for a meal out with the missus.. Ho Ho Ho

 

[Gavin John Hyde]

This one:
View attachment 38958

Was that a legitimate business expense?
multifunction tester in the left side bag, other tools on the right and materials on the back, you are good to go!
think maybe you should put a business card on the bike somewhere just to rule out any doubt....

 

[Deleted member 26818]

Was that a legitimate business expense?
multifunction tester in the left side bag, other tools on the right and materials on the back, you are good to go!
think maybe you should put a business card on the bike somewhere just to rule out any doubt....

Only claim the HMRC benchmark rate of 24p per mile.

 

[Squid]

Only claim the HMRC benchmark rate of 24p per mile.

Should be 45p I believe? or is that for cars?

 

[Deleted member 26818]

Cars.
10p for bicycles (I believe).

 

[Squid]

Just checked for the first 10000 miles its,
Cars 45p
Motorbikes 24p
Bicycles 20p

 

[Octopus]

I was talking to a plumber friend about this and what he does is buy a pile of gift vouchers for restaurants or supermarkets upto the £150 and then he gives them to himself as the sole employee for his own use as entertainment at xmas. Its all squared off with his accountant, he does the whole christmas food shop out of money that would otherwise go to the taxman and has money for a meal out with the missus.. Ho Ho Ho

Not sure I agree with that.

He's certainly saved tax and NI on the £150 - but not the lot!

 

[Squid]

% of your LL and Internet costs, maintenance "cough" of your IT setup at home that you need to do your job.

 

[Deleted member 26818]

I claim 100% of my Internet and phone costs.

 

[Pastyspark]

Heard all sorts of stories over the years, builder claiming for speed boat engine as he used it to entertain customers. Holiday letting company who claimed for their 13 and 15 year old kids mobile phones as they might want them to fetch stuff in their apartments and need to get hold of them.
My thinking is you can claim fot what you want until you get the dreaded investigation them you've got to justify it to HMRC who I'm sure will be understanding