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Author Topic: Writing punting off as a business expense  (Read 2547 times)

If you have to travel a lot then expenses can be paid for out of your own pocket or direct from the company account.
If you travel a lot then those expenses soon add up and it's quite easy to explain away cash withdrawals to the Mrs as being required for taxis, meals etc whilst paying some of them on the company card and keeping the cash.

You can also withdraw cash direct from the company and declare it as a directors loan, expense claims can be allocated against this or just pay back from your personal account , you can explain it to the Mrs as overdrawn dividends being paid back

Apologies for any bad English, typing this out on a mobile

Offline CoolTiger

If you have to travel a lot then expenses can be paid for out of your own pocket or direct from the company account.
If you travel a lot then those expenses soon add up and it's quite easy to explain away cash withdrawals to the Mrs as being required for taxis, meals etc whilst paying some of them on the company card and keeping the cash.

You can also withdraw cash direct from the company and declare it as a directors loan, expense claims can be allocated against this or just pay back from your personal account , you can explain it to the Mrs as overdrawn dividends being paid back

Apologies for any bad English, typing this out on a mobile


Most of what you quote above is for genuine expenses anyway. I know a fellow punter who claims all his genuine mileage expenses and gets this paid in cash, thereby builds up his punting fund (having taken out the fuel cost element out). This a legitimate business expense claim, which he does not wish for his wife to see that income.

Taking out loads of cash withdrawals from personal account will only mask and hide from your OH the cash that you then set aside for punting purposes. You should only be able to legitimately claim  back what you have spent on traveling, subsistence etc. so the excess cash drawn form the personal account will enable you to have your punts, but they should not be expenses that you can claim back.

Cash withdrawn from company and declared as director's loan..... again, this is a short term cash extraction that you could use for punting purposes, but you are kidding yourself, as ultimately you will end up paying for it form your pocket, when the overdrawn loan account has to be cleared by either a salary or a dividend. 

AFAI can see, in your above suggestion, you are merely clouding the issue so that your OH is not able to follow all the (large) withdrawals, but this should be separated from making legitimate claims for business expenses incurred when traveling round the country.

Which is exactly why I was asking if the expense claim was for tax or wife reasons

Offline Argento79

Have never considered listing it as an expense.  Would leave it alone to be honest.  However, you are much less likely to be investigated these days as they just don't have the staff to chase smaller amounts.  It's not cost effective.

Have never considered listing it as an expense.  Would leave it alone to be honest.  However, you are much less likely to be investigated these days as they just don't have the staff to chase smaller amounts.  It's not cost effective.

"Wholly and necessarily for the purposes of business" - so should be fine  :lol:

Offline rolf32313

I think if HMRC pull you in over it you could just say you were pitching a big deal and a bundle of nerves. An hour punt settled your nerves and if it weren't for the fact you stupidly extended her and missed the meeting you would have got the deal

Offline smiths

I think if HMRC pull you in over it you could just say you were pitching a big deal and a bundle of nerves. An hour punt settled your nerves and if it weren't for the fact you stupidly extended her and missed the meeting you would have got the deal

In which case they might ask for information on that big deal and who it was with to substantiate what you tell them. They arent necessarily just going to take your word for it. I certainly wouldnt risk it.

In which case they might ask for information on that big deal and who it was with to substantiate what you tell them. They arent necessarily just going to take your word for it. I certainly wouldnt risk it.

This is a joke isn't it - the WGs I've seen dont issue receipts - and if they did, the receipts would be covered in make-up, lube and baby-wipe juice. I dont think I'd get that past the FD.  :sarcastic:

Offline rolf32313

This is a joke isn't it - the WGs I've seen dont issue receipts - and if they did, the receipts would be covered in make-up, lube and baby-wipe juice. I dont think I'd get that past the FD.  :sarcastic:
I was certainly joking. Come on, WTF wants there accountant to know they have a bag/month prostitute problem!

Offline smiths

This is a joke isn't it - the WGs I've seen dont issue receipts - and if they did, the receipts would be covered in make-up, lube and baby-wipe juice. I dont think I'd get that past the FD.  :sarcastic:

I dont get you, if you read the post i replied to i replied to Rolfs point about telling HMRC there was  a big deal on the go. Nothing about WGs giving receipts.

This is a joke isn't it - the WGs I've seen dont issue receipts - and if they did, the receipts would be covered in make-up, lube and baby-wipe juice. I dont think I'd get that past the FD.  :sarcastic:

Ooooh, I don't know......

tcm

Offline smiths

I was certainly joking. Come on, WTF wants there accountant to know they have a bag/month prostitute problem!

 What does a bag/month mean?

Offline rolf32313



Offline potato

There are a couple of accountants registered on AW if you do a search on Other services and accountant, maybe we should ask him what is acceptable.

Of course its not acceptable in reality, the same way its not acceptable to buy something on the company for private use without declaring it on your PIID and paying tax on it.

A lot of local governments seem to get away with it though - they tend to engage lots of "consultants" who fuck them and get away with it!

There are a couple of accountants registered on AW if you do a search on Other services and accountant, maybe we should ask him what is acceptable.

Of course its not acceptable in reality, the same way its not acceptable to buy something on the company for private use without declaring it on your PIID and paying tax on it.

A lot of local governments seem to get away with it though - they tend to engage lots of "consultants" who fuck them and get away with it!

I'll bet there's more than a couple, though most will be service users....

tcm

Offline CoolTiger

There are a couple of accountants registered on AW if you do a search on Other services and accountant, maybe we should ask him what is acceptable.

Of course its not acceptable in reality, the same way its not acceptable to buy something on the company for private use without declaring it on your PIID and paying tax on it.

A lot of local governments seem to get away with it though - they tend to engage lots of "consultants" who fuck them and get away with it!

They may be registered there, but are they properly qualified? are they a member of any professional body, such as ACCA, ICAEW.

I have spoken to one girl from AW, who enquired from these guys. One was a husband and wife (possible WG) operation, wanting £100.00 per month Standing Order set up from outset, cos understandably they are aware of how unreliable payments or tax info from the WG would be.  When she mentioned that figure to me, I was staggered as to why it would cost £1,200.00 for a WG to have her tax return done for her.
She went through yellow pages and selected a proper, registered, qualified accountant and agreed a fee of £400.00 + VAT, provided she had all her records in order, and would deliver all the information to the accountant by an agreed deadline (in other words, if she was organised and did not leave things to last minute she would not be charged more than that). As part of the consultancy, he even gave her help in how to prepare her records, keeping diaries, etc.
« Last Edit: June 26, 2014, 04:59:49 PM by CoolTiger »


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