Can you claim off business for meals out???

Mandles

We have just started an incredibly small business & know nothing about what you can calim & what you cant. Can you claim for going out to dinner & how often?? someone said you can but i dont know details & im new to all this.

gizmoleeds

AFAIK You cannot reclaim VAT, but you can put it in your accounts, but your accountant will "disallow" it for tax purposes.

Mandles

So you CAN put it through your accounts?? it is such a small business(i employee! that we are not vat registered. so will it be ok to put it through the business or will i have to pay it back into the business?.sorry im very thick

Mandles

should say 1 employee

gizmoleeds

I suggest you ask an accountant - do you have one yet?

I work for an accountants (although I am not one) and clients ring all the time with queries like this and they can answer them in a few seconds - you wouldn't even be charged.

If you have an accountant preparing your accounts then they will deal with the entertaining in the proper way, which I believe is to include it in the accounts, but to "disallow" it on any tax returns (so that you pay tax as if it wasn't in the accounts). But I am not certain so I suggest you ask.

HM Customs and Revenue would also probably answer this query if you rang them - or you could try checking their website.

gizmoleeds

http://search2.openobjects.com/kbroker/inldrev/inldrev/kbsearch?sr=0&nh=20&cs=iso-8859-1&sc=ir&ha=7&mt=0&qt=entertaining