Splitting up travel expenses

[Ebenezer]

So, I've been maintaining separate Charts of Account for Travel - Client, Travel - Training, and Travel - Other. (the last one is mostly interviews, and I don't go to a lot of them).

The reason I do this is that only the first of these is subject to the 24-month rule, and the only second is "discretionary". As it happens, the 24 month rule has never arisen in my case.

I've asked my accountant, and he reckons this is a bit anal.

Surely I can't be the only one that does this?

[pr1]

So, I've been maintaining separate Charts of Account for Travel - Client, Travel - Training, and Travel - Other. (the last one is mostly interviews, and I don't go to a lot of them).

The reason I do this is that only the first of these is subject to the 24-month rule, and the only second is "discretionary". As it happens, the 24 month rule has never arisen in my case.

I've asked my accountant, and he reckons this is a bit anal.

Surely I can't be the only one that does this?

i guess anal is not for everyone

[WTFH]

If you are employing an accountant, why are you setting up your chart of accounts?

[TheCyclingProgrammer]

I agree with your accountant. Business travel is business travel.

[northernladuk]

I agree with your accountant. Business travel is business travel.

Agreed. I do business mileage, I slap it in FA and I'm done.

[tarbera]

this is a bit anal.

So, I've been maintaining separate Charts of Account for Travel - Client, Travel - Training, and Travel - Other. (the last one is mostly interviews, and I don't go to a lot of them).

The reason I do this is that only the first of these is subject to the 24-month rule, and the only second is "discretionary". As it happens, the 24 month rule has never arisen in my case.

I've asked my accountant, and he reckons this is a bit anal.

Surely I can't be the only one that does this?

Yes you are the only one

[NotAllThere]

If you are employing an accountant, why are you setting up your chart of accounts?

Why not? We do the book-keeping. The accountant is for advice as and when needed, dealing with tax authorities and year end.

It makes sense to me to split expenses into t&s that is subject to the location/duration roles and those that are not.

[Ebenezer]

If you are employing an accountant, why are you setting up your chart of accounts?

Well, because I'm not a disguised permie, of course.

Seriously though, this is one of the big wins of FreeAgent etc; the fact that you can do stuff like this without the intervention of the accountant to help you track how much you're spending on what.

I suspect my outgoings are a bit higher than many contractors, based on an unscientific sample of people I go to the pub with, which is maybe why I'm more interested in the fine details (And no, the reason for this isn't that I'm expensing said pub-going!).

Still, it seems this particular detail does put me in a minority of (almost) one!

[TheCyclingProgrammer]

Nothing wrong with managing your own books. I do and I'm sure many others on here do. Like you say, with FreeAgent and a bit of time spent learning the basics its not rocket science.