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    Tax Reduction?

    Hi, does anyone know if there is a list of allowable expenses that i claim? I am running a LTD company and have claimed the normal expenses but dont want to miss claiming anything to reduce my tax liability

    9 Comments

    That's like asking 'I am servicing my Car do I need to do anything else'

    If your running a Ltd Co. then use a Qualified Accountant - it's Tax deductible!

    Depending on type of Business there are different rules and therefore deductibles...

    dont try to over milk it though, theres more chance of you getting audited.

    I know some guy who got the VAT man come round and asked to see the office furniture he claimed for to which his response was "you're sat on it" referring to his living room couch.

    Original Poster

    Shahie;2109521

    That's like asking 'I am servicing my Car do I need to do anything else' … That's like asking 'I am servicing my Car do I need to do anything else' If your running a Ltd Co. then use a Qualified Accountant - it's Tax deductible!Depending on type of Business there are different rules and therefore deductibles...



    I use an accountant but he can only claim from the receipts i give him. For example i didnt know until a friend told me i can claim eye tests back as i have to use a computer, i wouldnt have thought to give this receipt to my accountant. I just thought if there was a "general list" then if i have purchased anything from that list i will hand the receipt to my accountant with my accounts. :thumbsup:

    MANJ_007;2109552

    I use an accountant but he can only claim from the receipts i give him. … I use an accountant but he can only claim from the receipts i give him. For example i didnt know until a friend told me i can claim eye tests back as i have to use a computer, i wouldnt have thought to give this receipt to my accountant. I just thought if there was a "general list" then if i have purchased anything from that list i will hand the receipt to my accountant with my accounts. :thumbsup:


    The problem is your 2nd guessing... Give the accountant EVERYTHING and let the accountant reject the receipt if he feels it's inappropriate and would not stand up to an Audit!

    MANJ_007;2109552

    I use an accountant but he can only claim from the receipts i give him. … I use an accountant but he can only claim from the receipts i give him. For example i didnt know until a friend told me i can claim eye tests back as i have to use a computer, i wouldnt have thought to give this receipt to my accountant. I just thought if there was a "general list" then if i have purchased anything from that list i will hand the receipt to my accountant with my accounts. :thumbsup:



    Read that along time ago but thought it only applied to "employees", i did used to claim vets bills,dog food etc for my "guard dog"

    Original Poster

    maddogb;2110987

    Read that along time ago but thought it only applied to "employees", i … Read that along time ago but thought it only applied to "employees", i did used to claim vets bills,dog food etc for my "guard dog"




    Yeah im the Director of the company but am also employed by it.

    Get a decent accountant and ask them to advise you and keep you updated on what you can claim.
    We have a fantastic accountant, and if you can get one, keep hold of them, they are worth their weight in gold.

    Generally speaking you can claim anything that you need in order to do your job. As an example, a soldier who is required to keep a pair of boots all nice & shiny for parades etc can claim tax back on the polish & bootlaces if he has to buy them himself. A plumber can claim tax back on tools required for his job (inclusing a van). What you need to do is ask yourself "When I bought such-and-such-an-item, did I buy it because I needed it to do my job? If I paid for a service (such as eye tests) did I need to do it because of my job?

    BTW, the accountant is supposed to offer you advice like this - that's why you're paying him. If he isn't earning his money then get a new one!
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