Allowable Expenses

[18 stoner]

Maybe Kev only has three or four transactions per year:confused1:

[Kev Stephenson]

To carry out an "audit" (there is a clue in the name )

 

Maybe I'm wrong, but I pay over £2k and mine ain't audited .

 

Again the clue is in the name. What are they auditing - the accounts, the business and it's assets.

 

I (the business)own no yard so there is nowhere to visit, all the kit is listed in the accounts as assets and does not need to be physically looked at the establish it's existance (receipts prove the purchase). Hand tools are instant write off, chainsaws are written to scrap in 24 months, van and chipper write off as per HMRC recommendation.

 

I am a sole trader not ltd and not VAT registered so there is nothing to see other than receipts, copies of invoices and bank statements.

 

The bank ask for a copy of auditted accounts and have been happy for the last 5 years with what they have received.

 

What would a home visit add?

[skyhuck]

Again the clue is in the name. What are they auditing - the accounts, the business and it's assets.

 

I (the business)own no yard so there is nowhere to visit, all the kit is listed in the accounts as assets and does not need to be physically looked at the establish it's existance (receipts prove the purchase). Hand tools are instant write off, chainsaws are written to scrap in 24 months, van and chipper write off as per HMRC recommendation.

 

I am a sole trader not ltd and not VAT registered so there is nothing to see other than receipts, copies of invoices and bank statements.

 

The bank ask for a copy of auditted accounts and have been happy for the last 5 years with what they have received.

 

What would a home visit add?

 

 

I have used my accounts extensively to get finance, but they have never been "audited" accounts.

[Andy Collins]

If you run a business from home office, even a corner of the kids playroom, the HMRC can and will come to your home during part of their checks. They like to see if you are buying up loads of antiques, paintings, and living in a style beyond your claimed earnings. This is irrelevant to whether you are sole trader, Ltd company or whatever.

[Ian Flatters]

So you can claim physio because of work injurys i.e i got a chog throw out of a tree that hit my hardhat resulting in serious whiplash. Part of my physio would involve going to the gym to re-strengthen my shoulders to stop a relapse in the muscles. Is that gym membership claimable because of a work related injury?

[18 stoner]

So you can claim physio because of work injurys i.e i got a chog throw out of a tree that hit my hardhat resulting in serious whiplash. Part of my physio would involve going to the gym to re-strengthen my shoulders to stop a relapse in the muscles. Is that gym membership claimable because of a work related injury?

 

Should medical treatment costs following an accident be claimed from the insurance company, not offset against tax:sneaky2:

[Ian Flatters]

Should medical treatment costs following an accident be claimed from the insurance company, not offset against tax:sneaky2:

 

What about RSI's? there caused by work?

Edited May 4, 2010 by Ian Flatters
Edit: that was an example on the previous post.

[arbclimber]

What about RSI's? there caused by work?

 

Not caused by a single accident though mate. Years of poor work position or pooly choosen kit. Maybe thats the difference.

[Ian Flatters]

Not caused by a single accident though mate. Years of poor work position or pooly choosen kit. Maybe thats the difference.

 

No,no,no im trying to say my first post i.e was me saying that if you get injured can you claim expenses through the buisness, as im aware you can claim for phsysio for RSI's. The line between them both to me seems you could get an injury and say its from all the looking up we do???

[arbclimber]

No,no,no im trying to say my first post i.e was me saying that if you get injured can you claim expenses through the buisness, as im aware you can claim for phsysio for RSI's. The line between them both to me seems you could get an injury and say its from all the looking up we do???

 

 

Sorry mate, that went completely over my head then i'm affraid.

 

Ill shut up and go and annoy someone else:lol: