We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
If bank charges are a service can I claim against tax
coffeeboy_2
Posts: 4 Newbie
I ran up a number of charges totalling over £1000.00 over a five year period when I was self employed mainly because of the erractic payments from large companies I worked for. I have wondered if now it has been clarified that the banks were not penalising me but charging me for a service I may claim this against tax retrospectively?
0
Comments
-
If the charges were wholly & exclusively as a result of your employment, then possibly.
Get an accountant!
Why haven't you been claiming them year by year? Because you haven't used an accountant? If not, get an accountant; if you have used an accountant, get a better one!
Presumably you had a business account with your bank? Have you claimed other bank charges back as a business expense (e.g. transaction charges)?"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
-
well I never considered them as a business cost just a penalty from the bank from not paying in enough money into my personal account, but I will raise it with my accountant now, thanks for that!0
-
Oh did I mention, perhaps the OP would benefit from the services of an accountant.
If he had used one of these when he was self employed (it, not not 100% clear, but it sounds like he is no longer) he could probably have included the cost of those an a business expense too.
Usually in cases like these, the cost of services of an accountant are more than reimbursed by the savings a good accountant can make for their client anyway."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
well I never considered them as a business cost just a penalty from the bank from not paying in enough money into my personal account, but I will raise it with my accountant now, thanks for that!
See my earlier comment about getting a better accountant
"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards