Safe deposit box as expense

**BA to the Stars** · 16 October 2008, 09:28

If it is a genuine business expense incurred for the use of the business then it is OK

**zoro** · 16 October 2008, 10:10

Well, can argue that it is needed to store backup of work and personal software projects for gaining skills in order to land better contracts?

just wondering if anyone has done it?

**Sockpuppet** · 16 October 2008, 11:11

I think you'd get away with it just.

They'd probably want to know why you weren't using a online backup service or fireproof safe at home.

**Gonzo** · 16 October 2008, 20:18

I would. Records need to be kept for tax purposes. Where else can you put them that are safe?

I looked into it a couple of years ago, unfortunately the large HSBC in the City that used to have one has now closed and I haven't found anywhere else in a suitable location.

**tim123** · 16 October 2008, 20:20

I can rent a "room" in a self store for a few quid a week.

So I'm wondering how much a safety deposit box can possibly cost that makes it worthwhile argueing about?

tim

**dx4100** · 16 October 2008, 20:23

..

**BolshieBastard** · 16 October 2008, 22:59

Its not a legitimate personal expense for your HD back up's etc. Pay for it yourself you tight git!

It may be a legitimate expense for your ltd co IF your co has wholly and exclusively business related items that need to be kept in a safe deposit box. If any of the data is personal however, it wont be allowable.

**TykeMerc** · 16 October 2008, 23:43

Companies like Iron Mountain will store data media for you, I've used them for all sorts of variations of data storage on past contracts.

**NickFitz** · 17 October 2008, 02:28

Originally posted by tim123 View Post

I can rent a "room" in a self store for a few quid a week.

So I'm wondering how much a safety deposit box can possibly cost that makes it worthwhile argueing about?

tim

"Self store" "rooms" are very easy for the overnight security guard and his mates from the pub to plunder.

Safe deposit boxes - not so much.

Weigh it up: need to break off a padlock or two after paint-spraying the CCTV camera, or need to dig a tunnel from a nearby sewer, break through reinforced concrete with a pneumatic drill, and then use a plasma torch cutter to get at the box.

Both are achievable, but one presents a much higher barrier to entry

Safe deposit box as expense