Costs of saving.....HMRC doing their bit?
Discussion
Drving home today and having had a new tax code for a variety of things including the extra tax payable on interest on savings, I wondered if there might be some incurred costs I could offset against that?
After all, bank accounts don't run themselves, they require me to drive to the branch to do the ID bit ( @40p a mile) and pop in periodically to check I am geting the best rates, make deposits etc. They m,ay also require some element of my PC/broadband to check balances etc. I also have firewall software to buy to safeguard these accounts.
What do you think, worth a go with HMRC?
No chance.
Those types of "costs" are simply not offsetable against that type of income.
Check out the rules covering the assessment of income received under the old Schedule C and Schedule D Case III rules. The schedules may have been abolished, but the rules enshrined under those old schedules are very much still relevant.
Those types of "costs" are simply not offsetable against that type of income.
Check out the rules covering the assessment of income received under the old Schedule C and Schedule D Case III rules. The schedules may have been abolished, but the rules enshrined under those old schedules are very much still relevant.
Eric Mc said:
No chance.
Those types of "costs" are simply not offsetable against that type of income.
Check out the rules covering the assessment of income received under the old Schedule C and Schedule D Case III rules. The schedules may have been abolished, but the rules enshrined under those old schedules are very much still relevant.
Those types of "costs" are simply not offsetable against that type of income.
Check out the rules covering the assessment of income received under the old Schedule C and Schedule D Case III rules. The schedules may have been abolished, but the rules enshrined under those old schedules are very much still relevant.
I probably won't do the reading Eric! I'll take your word for it, although it sems at odds with the idea of being able to offset the costs of making the money with the tax burden. I certainly claim mileage as an employee for driving to the bank to manage the business accounts.
That having been said if they have specific rules to stop it..
As David Brent would say...always thinking....
British tax works on the principle of different sets of rules and regulations applying to different sorts of income - this is one of the main reasons why it is all so complex.
The allowability of expenses is governed by the rules appertaining to that particular type of income.
Trading income allows the most expenses offset (Wholly and exclusively for the purpose of the trade)
Employment income allows SOME expenses (wholly, exclusivelly and NECESSARILLY incured in thge carrying out of one's emplyment duties).
Rental income has its own set of offsetable costs.
Interest received has none (as far as I am aware)
The allowability of expenses is governed by the rules appertaining to that particular type of income.
Trading income allows the most expenses offset (Wholly and exclusively for the purpose of the trade)
Employment income allows SOME expenses (wholly, exclusivelly and NECESSARILLY incured in thge carrying out of one's emplyment duties).
Rental income has its own set of offsetable costs.
Interest received has none (as far as I am aware)
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