Carrying over expenses claims to next year

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#1

Carrying over expenses claims to next year

12 May 2009, 12:15

As I understand it, travelling expenses only become a possible BIK and therefore declarable on P11D in the tax year the company actually repays them, not when the expense is incurred. The act does allow payment of expenses incurred in a previous period.

Not normally a problem for contractors I know but I have a small business with sister who keeps on putting her own money into new and not very quick selling products so the company debt to her keeps mounting. Consequently any payments to her never get past repaying her own loan.

Wondering if there is a time limit on repaying expenses. Should I start paying back her expenses instead of repaying her loan?

Cheers for any idea on this.

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ASB

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#2

12 May 2009, 12:26

Just book 'em and put them as other creditors. Repay at your leisure?
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xoggoth

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#3

13 May 2009, 18:15

Cheers ASB. Will do that.

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