Expenses Declaration

[SueEllen]

I am not asking if this is acceptable I am asking if this is an approach taken. For the record I only declare the expenses I have incurred which is why I was asking what other contractors do. Read the original posts.

Why would an accountant risk going to jail for their clients?

[monobrow]

When your accountant prepares the ltd company accounts do they include exact expenses that have been incurred or do they factor in what could be deemed to be got away with by HMRC, within reason of course ?

I am interested what the general approach is towards this and any views.

Thanks

AFAIK there is a tick box, page 345, section 12, paragraph b, subsection 1.1.2 titled:

"Do you wish to pay less tax this year? yes/no"

Tick that and you can put in any figures you like, HMRC are really reasonable about reducing your tax burden, you just have to ask. Everyone else pays professionals and spends a lot of their own time working this out accurately, lol, what a bunch of losers!!

[Mr.Whippy]

To clarify my query, is it normal practise for higher expense amounts to be declared on the company returns than those actually incurred by the company so as to reduce the overall profit margins ?

You could also lie about your company's total income too to reduce the overall tax liability even further.














ps. this isn't a serious post... if you commit fraud and get caught, you'll likely be off to enjoy a free "holiday" courtesy of the taxpayer...

[Clippy]

When your accountant prepares the ltd company accounts do they include exact expenses that have been incurred or do they factor in what could be deemed to be got away with by HMRC, within reason of course ?

I am interested what the general approach is towards this and any views.

Thanks

Suggest you re-read your original post - I've highlighted the pertinent bit to make it easier for you.

I am not asking if this is acceptable I am asking if this is an approach taken. For the record I only declare the expenses I have incurred which is why I was asking what other contractors do. Read the original posts.

So, you are conducting a survey on whether other contractors submit fraudulent expense claims.

Let us know how HMRC respond to this if you ever get investigated.

[LisaContractorUmbrella]

I am not asking if this is acceptable I am asking if this is an approach taken. For the record I only declare the expenses I have incurred which is why I was asking what other contractors do. Read the original posts.

To answer your question - no it is not acceptable or accepted accountancy practise. As a matter of interest - why did you want to know - has your accountant suggested that this should be done?

[kaiser78]

As Lisa has rightly said, the correct term for this is fraud.

So, essentially, you are looking for some form of validation from other board members as to whether this is acceptable.

F'ing un-believable.

I am not asking if this is acceptable I am asking if this is an approach taken. For the record I only declare the expenses I have incurred which is why I was asking what other contractors do. Read the original posts.

[TykeMerc]

As Lisa has rightly said, the correct term for this is fraud.

So, essentially, you are looking for some form of validation from other board members as to whether this is acceptable.

F'ing un-believable.

What they said +1

I'm in business to make a living and have happy customers who keep coming back not to commit criminal fraud.

[Clippy]

When your accountant prepares the ltd company accounts do they include exact expenses that have been incurred or do they factor in what could be deemed to be got away with by HMRC, within reason of course ?

I am interested what the general approach is towards this and any views.

Thanks

To clarify my query, is it normal practise for higher expense amounts to be declared on the company returns than those actually incurred by the company so as to reduce the overall profit margins ?

As Lisa has rightly said, the correct term for this is fraud.

So, essentially, you are looking for some form of validation from other board members as to whether this is acceptable.

F'ing un-believable.

[riffpie]

What's the actual problem you're experiencing? Between this and your other recent thread, obviously something's going on for you. Ask about that.

[LisaContractorUmbrella]

To clarify my query, is it normal practise for higher expense amounts to be declared on the company returns than those actually incurred by the company so as to reduce the overall profit margins ?

No, that's fraud

[Clare@InTouch]

To clarify my query, is it normal practise for higher expense amounts to be declared on the company returns than those actually incurred by the company so as to reduce the overall profit margins ?

No. It's normal to claim the actual expenses incurred by the company.

If you're increasing your expenses in order to reduce your tax liability when the expenses are not genuine, that's fraud.

[kaiser78]

To clarify my query, is it normal practise for higher expense amounts to be declared on the company returns than those actually incurred by the company so as to reduce the overall profit margins ?

[Clare@InTouch]

Actual costs. There are certain items like use of home that can be added in retrospectively, and a good accountant will always point out anything that looks like it might be missing so that you're aware of it in future (or that you may have paid privately and not claimed as an expense).

Hopefully speaking for most accountants here when I say we in no way inflate the figures with things that we think can be got away with.

[LisaContractorUmbrella]

When your accountant prepares the ltd company accounts do they include exact expenses that have been incurred or do they factor in what could be deemed to be got away with by HMRC, within reason of course ?

I am interested what the general approach is towards this and any views.

Thanks

I am practically certain that HMR&C do not allow anyone to 'get away with' anything.

[kaiser78]

When your accountant prepares the ltd company accounts do they include exact expenses that have been incurred or do they factor in what could be deemed to be got away with by HMRC, within reason of course ?

I am interested what the general approach is towards this and any views.

Thanks