The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> What can I claim through my business?
Post Info TOPIC: What can I claim through my business?
JoBooth


Veteran Member

Status: Offline
Posts: 57
Date:
What can I claim through my business?
Permalink  

I have recently become a self-employed bookkeeper and wondered if I could put the following payments through my business:

1. My monthly course fees?

2. I have a personal car and pay myself mileage every month but can I also put through my monthly insurance payments and car tax?

3. My mobile phone which I mainly use for business but is in my personal name?

Any help would be greatly appreciated!



__________________
Joanne Booth
Dustin57


Senior Member

Status: Offline
Posts: 125
Date:
Permalink  

Hi Jo

1.  If its update training you can treat this as a P/L expense. If its training for a new skill you will need to treat this as a capital expense as an intangible asset on the Balance sheet.

2.  If you pay mileage at the HMRC approved rate of 40 pence per mile this covers not just petrol but general wear and tear of the car including repairs and insurance.

3.  As long as you operate as a sole-trader and not via a limited company you're fine to include the mobile phone cost. You may need to add back a private proportion on your tax comp to represent private usage.



__________________
"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
JoBooth


Veteran Member

Status: Offline
Posts: 57
Date:
Permalink  

Thank you, I appreciate your help!

__________________
Joanne Booth
JoBooth


Veteran Member

Status: Offline
Posts: 57
Date:
Permalink  

Sorry to be a pain Dustin57, I wonder if you can help me further about the course fees.  I have been a bookkeeper for over 15yrs but never took any qualification so I am currently doing the ICB exams just as a formality.  Would you class this as a new skill or update?

__________________
Joanne Booth
Dustin57


Senior Member

Status: Offline
Posts: 125
Date:
Permalink  

Given that you've been a book-keeper for a number of years I would say that you're simply updating your knowledge (a bit like CPD when you qualify - which is allowable), and not learning a completely new skill. It's for HMRC to argue otherwise, but I think you'd be fairly safe expensing it in the year.



__________________
"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
JoBooth


Veteran Member

Status: Offline
Posts: 57
Date:
Permalink  

Thanks once again!!

__________________
Joanne Booth
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> What can I claim through my business?
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About