Accounting thread - whats allowed/whats not

O

Ozzy Scott

Well-Known Member
Its something that might be worthwhile as I often have questions regarding whats allowed to be expensed and whats not along with other questions on accounts. Im afraid to ask my accountant most of these incase I incriminate myself :whistle::whistle:

So first off

- Christmas gifts to a few suppliers, contractors, workers and people who make your business tick

My mate is of the opinion you can give a present up to €250 and not incur any tax or the employee not have to pay BIK on it. anyone know if this is true? How do I go about showing such spending without the taxman not thinking I'm taking the piss
 
Im afraid to ask my accountant most of these incase I incriminate

I was always of the belief ,that if you paid the fecker, he was on your side.!!!
 
why11why said:
Im afraid to ask my accountant most of these incase I incriminate

I was always of the belief ,that if you paid the fecker, he was on your side.!!!
Click to expand...
id of thought that too.
but i have one that i pay and id often wonder.
 
I know you can give a PAYE worker up to 250 euro of vouchers tax free. We got a one4all card instead of a Christmas bonus for the last few years
 
why11why said:
Im afraid to ask my accountant most of these incase I incriminate

I was always of the belief ,that if you paid the fecker, he was on your side.!!!
Click to expand...

at the end of the day uu pay him to do his job, now wether he is working for u or the tax man only he knows, but he knows u are paying him.

not sure how a farmer works that one but as far as i know we get tax relief on our calenders, pens etc.

accountant, i dont know about ours but he seems to be on our side but still the paper work along with his bill says more or less' for work carried out according to the information recieved' so if at a tax inspection the tax person produces something u failed to declare it is your problem and yours only, were as if u declared it he may have been fit to work it in somehow before the work by him is finished, least that is my undertaking from working with ours.
 
JohnBoy said:
I know you can give a PAYE worker up to 250 euro of vouchers tax free. We got a one4all card instead of a Christmas bonus for the last few years
Click to expand...
I think this was upped to 500 in the last budget

Sent from my E2303 using Tapatalk
 
Ozzy Scott said:
Its something that might be worthwhile as I often have questions regarding whats allowed to be expensed and whats not along with other questions on accounts. Im afraid to ask my accountant most of these incase I incriminate myself :whistle::whistle:

So first off

- Christmas gifts to a few suppliers, contractors, workers and people who make your business tick

My mate is of the opinion you can give a present up to €250 and not incur any tax or the employee not have to pay BIK on it. anyone know if this is true? How do I go about showing such spending without the taxman not thinking I'm taking the piss
Click to expand...
Firstly the accountant IS on your side if you are paying him. It's in his interests to keep you happy and make you money. He probably knows what you're not telling him anyway!!
We put Xmas gifts for suppliers/ customers down as advertising. That is what it is after all. Be aware that you cannot claim a VAT deduction for food, drink or accommodation.
The small gift allowance you are talking about of up to €500 is for registered employees only and cannot be cash.
 
6600 said:
Firstly the accountant IS on your side if you are paying him. It's in his interests to keep you happy and make you money. He probably knows what you're not telling him anyway!!
We put Xmas gifts for suppliers/ customers down as advertising. That is what it is after all. Be aware that you cannot claim a VAT deduction for food, drink or accommodation.
The small gift allowance you are talking about of up to €500 is for registered employees only and cannot be cash.
Click to expand...

My accountant is a bit on the cautious side and tenses up when I ask him anything borderline at all. So there is no problem with me giving a few dinner vouchers/weekend away as presents. total spend would be under a 1k I would think. At what point does mr taxman start wondering is it just money your using to socialize?

Next on my list, If I'm on the road working for the farm, say at the mart, am I allowed expense my dinner, and if this is the case if I'm at home working am i entitled to go to local shop/restaurant and expense my dinner?
 
Ozzy Scott said:
My accountant is a bit on the cautious side and tenses up when I ask him anything borderline at all. So there is no problem with me giving a few dinner vouchers/weekend away as presents. total spend would be under a 1k I would think. At what point does mr taxman start wondering is it just money your using to socialize?

Next on my list, If I'm on the road working for the farm, say at the mart, am I allowed expense my dinner, and if this is the case if I'm at home working am i entitled to go to local shop/restaurant and expense my dinner?
Click to expand...
Comes down to common sense really. If it was one transaction before Xmas it looks like gifts for customers. Why do some get vouchers and others get weekends away? Usually you would see a purchase of wine/spirits in the cash and carry before Xmas. €1k seems high but then what's high depends on your turnover. Also you wouldn't see too many farmers buy presents for their suppliers, usually the other way round.

On meals, these are allowed as an expense if you are working away from your base. When I get receipts for night time fine dining for two these end up in the bin.

Some clients leave in absolutely everything to the accountant, cinema tickets, groceries receipts, chipper food bought in the early hours, nightclub till recripes for Jagger bombs. . You get a good insight into your clients!!
I once found a condom wrapper in the shopping bag of receipts handed in by a tradesman.. the strange thing was that he was married with kids and the bag never leaves the van apparently:oops:
 
Ozzy Scott said:
My accountant is a bit on the cautious side and tenses up when I ask him anything borderline at all. So there is no problem with me giving a few dinner vouchers/weekend away as presents. total spend would be under a 1k I would think. At what point does mr taxman start wondering is it just money your using to socialize?

Next on my list, If I'm on the road working for the farm, say at the mart, am I allowed expense my dinner, and if this is the case if I'm at home working am i entitled to go to local shop/restaurant and expense my dinner?
Click to expand...

Lash absolutely every receipt in and let the accountant choose what can be used and what can't. If you're running a big enterprise then whatever expenses your putting in are probably miniscule compared to some company with a few sales reps on the ground. Definitley dinners and an odd present shouldn't be an issue i would have thought
 
If Im going on a farming related trip, am I presume I'm allowed expense every expense (apart for drinks an OTT food bills) from the minute I pull the door out here in the house to coming back. Im talking about, tolls, parking, food, car hire etc.
 
Ozzy Scott said:
If Im going on a farming related trip, am I presume I'm allowed expense every expense (apart for drinks an OTT food bills) from the minute I pull the door out here in the house to coming back. Im talking about, tolls, parking, food, car hire etc.
Click to expand...
Correct
 
Ozzy Scott said:
If Im going on a farming related trip, am I presume I'm allowed expense every expense (apart for drinks an OTT food bills) from the minute I pull the door out here in the house to coming back. Im talking about, tolls, parking, food, car hire etc.
Click to expand...

A trip to Coppers doesn't count as farming though Ozzy :)
 
A friend of mine had to depopulate his flock due to scrapie and he got the same expenses as the department lads do for going to the marts and buying a new flock . He also got an eating out allowance as well .
 
@6600 how many Agricultural trips would be deemed reasonable per year, would anymore than two be pushing the boat out a bit? I presume a bit of pohotgraphic evidence of what you were touring is a good idea, if revenue ever come to do and audit.

@nashmach - It was xmas vouchers to the Jackson Court Hotel I put those few nights down as !!
 
Ozzy Scott said:
@6600 how many Agricultural trips would be deemed reasonable per year, would anymore than two be pushing the boat out a bit? I presume a bit of pohotgraphic evidence of what you were touring is a good idea, if revenue ever come to do and audit.

@nashmach - It was xmas vouchers to the Jackson Court Hotel I put those few nights down as !!
Click to expand...

So, would three days at the ploughing plus day going day returning be allowed?
 
Considering I'm not entitled a bike under the cycle to work scheme, can I expenses a modest bike to use while looking at my cattle. Thinking of going cycling and doing a 10mile loop in the morning while looking at cattle in a number of locations.
 
You must log in or register to reply here.
Back
Top