Newspaper expense

**kirk** · 7 August 2008, 18:54

Your kidding right? 50p or whatever it is a day? It's hardly going to send you bankrupt!

**Diver** · 7 August 2008, 19:07

Must be a hairdresser!

Paper for the waiting room table, and a good knowledge of current affairs to gossip with the clients

Min wage, hence struggling to pay the paper money

Sorry Beefy, but with a question like that on this board you leave yourself wide open

No, the daily rag is not tax deductable.

**BolshieBastard** · 7 August 2008, 19:18

If you're working away from home, an amount isincluded in your subsistence for a meal and newspaper.

Otherwise, buy it yourself.

**Turion** · 7 August 2008, 19:39

If you can subscribe to it, you could pay from your co bank account, otherwise use your own cash. I'm sure you read other stuff in there that is not business related eg TV, reviews, sports etc so really it's a BIK anyway.

**thunderlizard** · 7 August 2008, 19:47

I think you could claim that without it being a benefit.

If you get investigated and asked whether you read it for pleasure, or get any pleasure out if it, you will be able to reply quite convincingly that you find its business analysis as dull as dishwater, and its smug society 'news' downright stomach-turning.

**NotAllThere** · 8 August 2008, 08:49

Originally posted by thunderlizard View Post

I think you could claim that without it being a benefit.

But imagine the consequences if he gets investigated.

A subscription costs £5 a week. So that's £260 a year. That's a bik of ~£60 or so. If it doesn't get found for a two years, then there'll be interest - and perhaps a 100% penalty for such blatant evasion, so he could end up with a tax bill of £80.

My view is put these little things through the company. In the event of an investigation, it'll keep hector happy that he found something, and it won't cost you very much.

**malvolio** · 8 August 2008, 08:59

Originally posted by NotAllThere View Post

But imagine the consequences if he gets investigated.

A subscription costs £5 a week. So that's £260 a year. That's a bik of ~£60 or so. If it doesn't get found for a two years, then there'll be interest - and perhaps a 100% penalty for such blatant evasion, so he could end up with a tax bill of £80.

My view is put these little things through the company. In the event of an investigation, it'll keep hector happy that he found something, and it won't cost you very much.

Or do it legally in line with your duties as a Director (remember them?): put it throuhgh the company, decalre it as a BIK and pay the tax, no problem ever.

Jeez, the original question was stupid in the extreme, but suggesting you act illegally on the off chance you don't get found out is ridiculous. No wonder we get all that grief from Hector.

**NotAllThere** · 8 August 2008, 09:20

You misinterpret. If I don't think something is justifiable, I won't put it through.

I guess I should have said "In the event of an investigation, if it's disallowed, it'll keep hector happy that he found something, and it won't cost you very much."

I'm not advocating taking the mickey. It's about not sweating the small stuff. I think many contractors worry too much about whether something is allowed or not, asking here, or their accountant over the tiniest amount. You're running a company - make a decision for crying out loud!

Which works both ways. I certainly couldn't be bothered with the admin of putting £5 a week through the books, or £1.50 a day. If I could justify an FT subscription as a business expense, and I had it for a year at £260 as a one off payment, then I'd put it through.

**lambrini_socialist** · 8 August 2008, 09:43

on a related subject, this morning on my way into ClientCo's office, i flicked tuppence at a beggar who was wanking for coins in a Soho side-street. can i put this through my LtdCo as a charitable donation, and (a) is there any tax advantage to doing so and (b), should i go back and get a receipt?

Newspaper expense