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Reply to: Claiming Expenses
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Previously on "Claiming Expenses"
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Chargeable period is a year, if it was a month it would not be relevant to mention it. You should be able to find the whole thing somewhere. Many companies do not make a profit for first few years (some never do) and are bankrolled by the directors but valid expenses by director are still claimable from company or no business would ever get off the ground. It is effectively a director loan to the company.
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Don't agree. Can't say for sure some rule hasn't changed it but the main legislation that first set up the expenses regime says you can claim legit business expenses from the current "or previous periods".
A knew I had it somewhere
section 198 of the Taxes Act 1988
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Relief for necessary expenses.
Blah blah etc.
(3) There may be deducted from any emoluments chargeable under Case III of Schedule E the amount of—
(a) any expenses defrayed out of those emoluments, and
(b) any other expenses defrayed in the United Kingdom in the chargeable period or in an earlier chargeable period... blah blah
being in either case expenses for which a deduction might have been made under subsection (1) above from emoluments of the office or employment if they had been chargeable under Case I of Schedule E for the chargeable period in which the expenses were incurredLast edited by xoggoth; 13 November 2007, 14:45.
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I'd say go back this company year as there is no BIK on expenses (genuine) so just enter then into the accounts.
Last financial/tax year would be pushing it.
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Claiming Expenses
How far can I go back and claim expenses retrospectively.
I have receipts, invoices for a previous company that I'm just about to close, but I never claimed expenses on a weekly / monthly basis. As a result, I have overpaid tax on income that I could have legitimately claimed as an expense.
Can I submit these on my self assessment return etc.
What about expenses for the previous tax year. Is there anything I can do about this?
Thanks,
I know I should have done it at the time, but we are where we are, and I'm trying to sort out what I can here and now.Tags: None
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