allowable expense chart!!

prince

does any know where can i get a monthly expense summary chart in excel/word format!! for a sole trader!

Savvy_Sue

Because you haven't had any answers, I'm going to say that I don't really know what it is you're after!

If you're after a general list of 'allowable expenses' I think we'd need to know what line of business you're in. Or you could ask your accountant for advice on what's allowable in your situation.

Hope that starts to help ...

windswept

buy an accounts book and it will have all expenses listed in the various sections, I have an accounts book for small businesses from makro, it looks complicated but is actually very simple to do. you could always copy it into a word or office document on your pc. I have found it much easier to do it all by hand rather than on computer, no files to lose or get corrupted, you dont have to remember to back up or copy to disk. good old hand written records take a lot of beating.

prince

i am comtemplating starting up,so no accountant yet, however i am making a trip abroad to source products, just thinking if i should retain any receips for flight/taxi/accommodation and whether i can claim as expenses should i register as a business within the 3 months !!!
also is the vat and import duty elements taken as expenses, on any stock purchases!!!

Rosamund

As someone who has had their smal business for 18 years or so my reply would be to save every receipt you can including magazines and newspapers which you can put under the heading of research. With the Inland revenue the difference between what you are allowed and what you aren't is in many cases dependent on how you describe it. for Example business entertaining is not allowable unless you are entertaining someone from overseas butg call it a working lunch and that's a different story and is allowable!

linlin_3

prince wrote:

does any know where can i get a monthly expense summary chart in excel/word format!! for a sole trader!

Here goes:
Purchases - anything for resale or involved in the sale of your business
Travel - sub analyse into flights; other fares; motor expenses (specify fuel, RFL, repairs, parking, mileage etc)
P & S - printing and stationery
Tele - claim a % of mobile; claim a % of call costs on your home (not rental)
Repairs & renewals - decorating your study %; computer costs%
Subscriptions - any rags/mags or professional fees for business
Use of Home - one-off at year end
Sundry - anything which doesn't fit elsewhere + one-off at year end