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Offsetting costs from a supplier who is a customer
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Slinky
Posts: 10,954 Forumite
in Cutting tax
I'm planning on producing a small magazine and have been getting quotes from printers. The printers are interested in advertising in my magazine. Am I OK to suggest they deduct the cost of their advert from their bill to me, or do they have to bill me for all their work and I have to bill them for their advert?
There are no VAT implications with this as the magazine is zero rated and I'll be below the VAT threshhold anyway, but would the taxman look upon this as some sort of attempt to fiddle revenue/costs?
This would be done through a limited company.
There are no VAT implications with this as the magazine is zero rated and I'll be below the VAT threshhold anyway, but would the taxman look upon this as some sort of attempt to fiddle revenue/costs?
This would be done through a limited company.
Make £2025 in 2025
Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
Total £915.94/£2025 45.2%
Make £2024 in 2024
Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
Total £915.94/£2025 45.2%
Make £2024 in 2024
Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
Total £1410/£2024 70%
Make £2023 in 2023 Total: £2606.33/£2023 128.8%
0
Comments
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Not sure on that one.
One of my customers is also my accountant and he pays my bills in full, I pay his in full. Easier to keep track of that way...0 -
It is not illegal or tax avoiding, it is known as a Contra. It can be confusing to show in your books and therefore may be accidentally omitted, quite a common error.
For clarity and ease, it is far clearer to pay each bill in full.0
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