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Expenses and taxable income dumb query
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ElectricMud said:Hmm, yeah, I get where you are coming from. I think having come from an employed background where all of my expenses incurred for doing my job were refunded in full, it suddenly doesn't seem fair to only be reimbursed for 20% of them, plus some NICs. Especially for capital outlay on stuff that I'm not allowed / supposed to use for personal stuff.
The point is that you (as a new business owner) are choosing to invest that £800 net cost into business assets, which you hope will earn you more than £800 in future business profits. That's your buy-in. Employees don't have to do that, but they don't get to take the future profits either, only a set salary.
Best of luck with it.1
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