Safe deposit box as expense

[thunderlizard]

thanks for all your responses.

the cost of the smallest safe deposit box starts from £125 a year. http://www.metropolitansafedeposits.co.uk/box.php

wouldn't a fire proof safe at home costs a lot more?

Fire safes start around £200 for a small one but your £125/year sounds like better value for security.

To my mind it's as legitimate a business expense as any can be, and I don't know what all this fuss is about.

[tim123]

thanks for all your responses.

the cost of the smallest safe deposit box starts from £125 a year. http://www.metropolitansafedeposits.co.uk/box.php

QED!

The chances are that no-one is going to query this expense if you put it through the company.

It is the sort of expense that will be allowable in principle, but it's too piddly for an inspector to spend the effort checking whether it is allowable in your specific case.

tim

[ratewhore]

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

lol - yeah right!!

[zoro]

thanks for all your responses.

the cost of the smallest safe deposit box starts from £125 a year. http://www.metropolitansafedeposits.co.uk/box.php

wouldn't a fire proof safe at home costs a lot more? plus I wouldn't want the hassle of moving that around whenever I move flats (assuming that it is quite heavy).

it will mostly be used for my company backups but who is going to know if I also slip a few personal items in there since there is space, right

[NickFitz]

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

[TykeMerc]

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.

[BolshieBastard]

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.

[dx4100]

..

[tim123]

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

[Gonzo]

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.

[Sockpuppet]

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.

[zoro]

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?

[BA to the Stars]

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

[zoro]

Hi,

Just wondering if anyone has expense the cost of renting a safe deposit box? It should be valid to say that I use it to store my hard disk and DVD backups and documents right?

Cheers