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How many times has someone exclaimed to you on learning that you are self-employed or the Owner Director of a Limited Company "Lucky you – you can charge everything to the business"?
Unfortunately HM Revenue and Customs has a very different viewpoint and this is where the wholly, exclusively and necessarily rule exists.
This means that you can only claim those expenses incurred in the pursuit of your business activity.
Please therefore take consideration when trying to pass off your weekly supermarket shop, your Calvin Klein underwear or your overseas car hire costs for your family holiday as a legitimate cost for, as they say, refusal often offends.
If you have any questions about what can be claimed through the business please feel free to give one of the team a call on 01892 559480.
Article written by Carolyn Murphy