Ltd Co. Expenses - Am I to wary?

[Olf]

I've been a ltd co. for a number of years now in one way or another. In all that time I've been pretty strict with myself about what expenses I atribute to the co. The way I see it, It's just not worth the hassle if it comes back to bite you. However, I'm starting to think I'm too wary. For example. I have a mobile phone that I regularly use for reading email when travelling but it's a mega pain to do it and I can't actually respond to anything only read. I don't want to cart a laptop everywhere so I'm thinking that a mobile web browsing device to access OWA would be the way to go. The best one out there at the moment is the iPhone....but it doesn't do loads of stuff I need to do so the next best is the iPod touch. Somthings telling me though that thats just the sort of expense thats going to cause me a headache oneday.

Am I too cautious or do you think perceived toys are best avoided?

Same goes for cameras. I have a very significant phot album of project I've been involved with and inspections I have made with photo records for evidence and later reference. However I've always doen this with my own camera because again I think a camera is likely to be perceived as a jolly expense.

??? Help!

[thewave]

Olf said:

I've been a ltd co. for a number of years now in one way or another. In all that time I've been pretty strict with myself about what expenses I atribute to the co. The way I see it, It's just not worth the hassle if it comes back to bite you. However, I'm starting to think I'm too wary. For example. I have a mobile phone that I regularly use for reading email when travelling but it's a mega pain to do it and I can't actually respond to anything only read. I don't want to cart a laptop everywhere so I'm thinking that a mobile web browsing device to access OWA would be the way to go. The best one out there at the moment is the iPhone....but it doesn't do loads of stuff I need to do so the next best is the iPod touch. Somthings telling me though that thats just the sort of expense thats going to cause me a headache oneday.

Am I too cautious or do you think perceived toys are best avoided?

Same goes for cameras. I have a very significant phot album of project I've been involved with and inspections I have made with photo records for evidence and later reference. However I've always doen this with my own camera because again I think a camera is likely to be perceived as a jolly expense.

??? Help!

I look at it this way.

If you had an Inland Revenue inspector sitting next to you querying why you'd claimed a camera through the limited company, would you be able to justify to them that it was valid to what the business does. In your case you can show that the camera has been used for a business use, I'd have no worries about that at all.

The rules may seem quite strict, but most inspectors do have a degree of common sense. Just don't take the mickey.

[Graham]

I've had a revenue inspection,and as long as you have a valid use for things they seem to be happy.

If you need an itouch as the best way to get your email when out of the office so seems fair enough to me..



the only thing they seemed bothered about was the half dozen meals I'd bought during the year, but even then when i remembered who was attending they were fine..


G

[DavidY]

the wave said said:

Just don't take the mickey

Right on the money, if you can prove it has a business use then fine, Camera(s) for me are not a problem as I work in Machine Vision, but I know of 'presentation tools' = plasma tv plus surround sound system installed at directors houses etc (I'm sure EricMc will know lots!!!), don't take the p*ss and you'll be fine.

Most IR inspections follow a particular format (at least the one's I've had do):-

1) PAYE correct calculation of tax and NI and payment by due date
2) Cars - correct tax being applied
3) Expenses - random selections but concentrating on meals/hotels etc

If you are at all worried, then don't but it as you have to sleep at night! but if yoy take thewave's advice you'll be fine.

davidy

Edited by DavidY on Friday 5th October 09:13