Can I claim it? Is it a business expense? Is this tax deductible?
We get asked this loads. Of course we do, everyone wants to save on paying tax where they can and if the business can pay, why pay out of your own pocket?
Here are some of the key ones that we get asked.
CAN I FUEL MY CAFFEINE ADDICTION?
Probably not, sorry to crush your dreams. You can’t claim your daily coffee fix, or your lunch every day.
BUT – if you’re away from your regular place of work, there is a fun loophole. This means if you’re out and about meeting clients, visiting sites, team meetings, you probably can treat yourself to a coffee on the business.
SPEAKING OF CLIENTS, CAN I BUY THEM DRINKS DURING MEETINGS?
Yes and no. Buying clients a coffee or a drink or lunch won’t be tax deductible sadly. It can be a business expense, so you can whack out the business card, but you’ll get no tax relief on it.
AND WHAT ABOUT TRAVELING AROUND?
Yet again see the “regular place of work” rule. Your or your teams travel to the office they usually work in? Nope. But if it’s to a different office, to client meetings, then you can pop it through. If you usually work out and about, that’s your regular place of work.
I NEED TO BE FIT AND STRONG FOR LIFTING STUFF, CAN I CLAIM THE GYM?
Sadly HMRC don’t view the gun show as wholly necessarily and exclusively for business. So that one’s a hard no. Equally physio treatments etc.
WHAT ABOUT MY SUIT AND TIE?
Nope. Again, loopholes. If it’s uniform/branded it’s allowed. So hoodies for your team with your company logo on, absolutely allowed. But your suit, not seen as wholly necessary and exclusive.
I NEED THIS SOFTWARE, COMPUTER, STATIONARY TO RUN MY BUSINESS, CAN I BUY IT THROUGH THE BUSINESS?
This one is a bit of a trick question, read the question. If you categorically need it to run your business, that’s ticking the wholly necessarily and exclusively for business boxes. So you’re going to be fine here. Just keep it for business use, don’t start using it personally, or it gets complicated.
Hopefully that’s covered off most of the key things you’ve been pondering over claiming. But if you have questions on other bits just let us know and we’ll let you know the rules. The weirder the better to keep us amused.
Finally, queries questions quandaries, you know where we are, ask away!