Books as Expenses?

Shepard

Hello!

I've looked around but can't really find an answer to my question. I am self employed and work in a industry that changes pretty much daily, so therefore I have to buy a tonne of usually expensive books. I was wondering if you can claim them as expenses?

I also like to buy other types of books & magazine subscriptions about business and sales? Would they also count?

Thanks for your help

Ps. Speaking of books... Are there any on tax/expenses in the UK for the self employed that are good?

le_loup

Generally HMRC consider an expense as deductible if it is "wholly, exclusively and necessarily" used in the business.
Therefore books and journals about your trade would qualify.
Conceivably you could include a daily paper ... but only the FT if you were involved in finance, but never the Daily Mail!!!

System

le_loup wrote: »

but only the FT if you were involved in finance, but never the Daily Mail!!!

Surely if you were paparazzi the DM would qualify as a business expense?

pjclar02

le_loup wrote: »

Generally HMRC consider an expense as deductible if it is "wholly, exclusively and necessarily" used in the business.

This is the rule for employees, as the OP is self-employed then the expense only needs to be "wholly and exclusively" for the purpose of the business.

Gas_Powered_Toothbrush

!!!!!! wrote: »

Surely if you were paparazzi the DM would qualify as a business expense?

No. You can't claim expenses that everyone needs. So you can't claim the cost of breakfast because everyone has to eat, and you can't claim the Daily Mail because everyone need toilet paper.

Shepard

Thanks for you help has cleared things up.