Claiming tax bill as an expense?

jmb1

I'm a self employed, sole trader. I'm shortly due to pay my tax bill and was about to pay it from my own personal account but then thought if I pay it from my business account can I then claim it as an expense for tax relief?

Apols if I'm being a bit thick!

00ec25

jmb1 wrote: »

I'm a self employed, sole trader. I'm shortly due to pay my tax bill and was about to pay it from my own personal account but then thought if I pay it from my business account can I then claim it as an expense for tax relief?

Apols if I'm being a bit thick!

there is no distinction between money in a "business" and "personal" account when you are self employed. There is just money.

the issue is are you spending money on a business or personal cost

paying the tax you owe is not a business cost, in what possible way do you think it is an expense of the business ?
More worryingly is it appears you think that as long as you pay from the business account anything you buy magically becomes an allowable expense?

jmb1

Ok yes that's what I was coming round to assuming OK thanks!

greatkingrat

Although if you employ an accountant to do your tax return, you can claim the accountant's fee as an expense (but not the tax itself).