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housing benefit S/E allowable epenses.....help and advice
mnl
Posts: 1 Newbie
can anyone advise me on what are allowable expenses when self employed claiming hb ?
I started s/e sept 2013 as driving instructor using own car.My forecast to hb was to have very little profit in the early years.My planned method for accounting to HMRC is the simplified expenses and cash basis. As far as im aware I can cliam 45p per mile for 10k then 25p pm thereafter???I have been setting this money aside to allow me to purchase (cash) a newer and more reliable model vehicle to conduct lessons in.
Ive been hunting the internet about expenses i can claim as im about to start tying to sort receipts etc out as i look to prepare for my first years accounts and also HB are asking about my profits as my g/f has now moved in prompting a change in circumstance....
From what i can make ,out buying my car (which would be 100% business use) is not an allowable expense ! Is this right ?
I know and understand about not allowing expense used to expand or grow the business but I am only trying to keep going
Any advice or pointers in the right direction would be greatly appreciated.....
Thanks in advance
I started s/e sept 2013 as driving instructor using own car.My forecast to hb was to have very little profit in the early years.My planned method for accounting to HMRC is the simplified expenses and cash basis. As far as im aware I can cliam 45p per mile for 10k then 25p pm thereafter???I have been setting this money aside to allow me to purchase (cash) a newer and more reliable model vehicle to conduct lessons in.
Ive been hunting the internet about expenses i can claim as im about to start tying to sort receipts etc out as i look to prepare for my first years accounts and also HB are asking about my profits as my g/f has now moved in prompting a change in circumstance....
From what i can make ,out buying my car (which would be 100% business use) is not an allowable expense ! Is this right ?
I know and understand about not allowing expense used to expand or grow the business but I am only trying to keep going
Any advice or pointers in the right direction would be greatly appreciated.....
Thanks in advance
0
Comments
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That's right the capital expense is not a permitted expense. The interest on the loan taken out to buy the car can be an expense.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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