Can I expense my leaving drink?

[Macavity]

These bankers are a thirsty lot...

[legal]

Ofcourse yes, its called business expense. (wholly and exclusively to get future contract...you would hope!)

[SueEllen]

You can put it on your company expenses but as it's entertainment then it's not exempt from corp tax.

[BolshieBastard]

These bankers are a thirsty lot...

Yes. You can actually expense the leaving gift they got you to your company as well! Even if they didnt get you anything!

Great running your own limited, isnt it?

[northernladuk]

Ofcourse yes, its called business expense. (wholly and exclusively to get future contract...you would hope!)

Please tell me you are joking.....

[northernladuk]

You can put it on your company expenses but as it's entertainment then it's not exempt from corp tax.

+1...

And personally I keep pure alcohol off my books. A meal with drinks maybe. Just buying drinks isn't my thing so it comes out of my pocket.

[kal]

You can put it on your company expenses but as it's entertainment then it's not exempt from corp tax.

If its not exempt from CT is there any point in even putting it down as company expense? Any benefit rather than just paying for it personally?

[northernladuk]

If its not exempt from CT is there any point in even putting it down as company expense? Any benefit rather than just paying for it personally?

You haven't paid for it personally so the money stays in your pocket.

If you pay personally it is income-drinks = what you have left
If you expense it as entertainment it is income = what you have left

And as you can imagine it is such tiny amounts it is just better to leave the company out of it altogether.

[No2politics]

Can I expense my leaving drink?

If its not exempt from CT is there any point in even putting it down as company expense? Any benefit rather than just paying for it personally?

Yes- if you a higher rate of tax payer. It means you don't have to pay in out of your persosanl money and incur 25 percent tax (once you take out dividends up to the hrt limit essentially you pay 25 in tax for the dividends above the threshold).

[kal]

Yes- if you a higher rate of tax payer. It means you don't have to pay in out of your persosanl money and incur 25 percent tax (once you take out dividends up to the hrt limit essentially you pay 25 in tax for the dividends above the threshold).

Aah I see so it only really makes sense to expense it if you are a higher rate taxpayer (and like NLUK says may not be worth the hassle even then...)