Money spent on a buying a round - how to submit your tax return

Discussion in 'Managing Your Business' started by sdrah, Jun 30, 2014.

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  1. sdrah

    sdrah Guest

    I have bought few small round in the past and the accountant said I can not put it down on my business expenses even if I have a hand written letter / receipt from the person who sold me the round ...

    Now I may consider buying a big round - let say £10 000 - and I cant just do as before as is quite a lot of money - it should be a way to use them as business expenses . what's the right way to do it thx
  2. MillerBHA

    MillerBHA Guest

    Hi Sdrah
    If you buy a business you can't
    then claim it as a self employed business expense seems a bit strange but that's how it is
  3. sdrah

    sdrah Guest

    thanks Tony

    not sure how true it is - but a friend of mine have advised me to get a kind of paper / contract to be signed by each customer at the handover just as a proof that I visited them on xx day - and then divide the amount spent on the round to the number of customers - for example £10 000 to 400 customers and you get £25 that's the cost you can claim for your first visit when signing that paper which you can prove ?!

    : ) doesn't sound right anyway ...
  4. MillerBHA

    MillerBHA Guest

    Yeah I'm not sure that's a way round it
    but am sure your accountant could advise you
    Good luck
  5. Gav

    Gav Grand Master

    Dec 18, 2010
    Likes Received:
    Odd I would have thought you could clame that but then again I guess its not an expence really as your essentially gaining from it.
  6. MillerBHA

    MillerBHA Guest

    Yes Gav most people including myself
    thought that is the case but as you said it's not actually an expense,I don't know why but apparently not my 20yr old son bought a small business and when I said to him he could claim it as an expense he said no dad you can't
    I said your talking rub bid he said for me to call my accountant if I didn't believe him which I did only to have it confirmed that he was right seems strange to me tho
  7. mr shine

    mr shine Guru

    Dec 9, 2011
    Likes Received:
    i wonder are the hrmc as flexible when it comes to the person who sold a round and didnt declare it , personally id take a second opinion as some accountants seem to know more ways around things than others , all legal and above board of course :D;)
  8. sdrah

    sdrah Guest

    that's what i was going to say - when you pay £10k for a round you can't call it an expense but once you ve sold it I bet HMRC will want their %