Lotto

[UKBob]

Does anyone know if its permissable to but lottery tickets 'for the company syndicate' through your business? (ie the pistonheads syndicate)

[Eric Mc]

On what grounds do you think it might be allowable?

For an expense to be allowable for tax purposes, the basic assumption is that the expense needs to be "incurred wholly and exclusively for the purpose of the trade".

[UKBob]

Eric Mc said:

On what grounds do you think it might be allowable? For an expense to be allowable for tax purposes, the basic assumption is that the expense needs to be "incurred wholly and exclusively for the purpose of the trade".

I see your point bud. Without rooting through the endless branches of other posts, if it was mentioned before, I failed to twig

[Eric Mc]

All may not be lost.

Although ordinary "Entertainment" costs are completely disallowed for business purposes, you might be able to claim these costs under "Staff Entertainmant", which is allowable.

[UKBob]

Eric Mc said:

All may not be lost. Although ordinary "Entertainment" costs are completely disallowed for business purposes, you might be able to claim these costs under "Staff Entertainmant", which is allowable.

Best to just put it through when the time comes, let my accountant decide.

[Eric Mc]

Watch out for any Benefit in Kind implications if you are buying lottery tickets for directors or staff.

[UKBob]

Eric Mc said:

Watch out for any Benefit in Kind implications if you are buying lottery tickets for directors or staff.

Benefit implications?

[Eric Mc]

What would happen if you won?

The COMPANY bought the ticket.
The COMPANY won the money.
the COMPANY gave away the prize money to employees.

[UKBob]

Eric Mc said:

What would happen if you won? The COMPANY bought the ticket. The COMPANY won the money. the COMPANY gave away the prize money to employees.

Cheers Eric

Much easier if I buy tickets myself I reckon

[pies]

Eric Mc said:

What would happen if you won? The COMPANY bought the ticket. the COMPANY gave away the tickets to the employees. The employees won the money.

looks better to me

[Eric Mc]

That's not how the taxman would see it.