Accountant Forums

Thread Tools

What can I do regarding expenses...

Junior Member
Join Date: Feb 2011
Posts: 1
Thanked: 0
      02-05-2011, 10:05 PM
Hello everybody.

I have just come across this forum and thank good there is an accounting forum as I am in desperate need of advice.

I am running a small IT business from home and am registered as sole trader. I am VAT registered. Need to be as otherwise I could not get access to distributors.

The advice need it is the following;

Car petrol,
I use the car for personal and business as well. At the moment, I am only charging the business 1/3 of my fuel costs over every 3 months periods. I am thinking of having this changed to 2/3 as I am using it more for the business side rather than leisure.

Car servicing/repairs,
As I have to do quite more miles than I would have, if there was no business, the services are coming faster and there have been a few problems that requires car to go to garage.

I can I go about all these costs in relation to the business? If I have all these costs added to the business in terms of vat, there is quite a lot, around 300.00 alone and it is a small business as off yet, will I be committing fraud?
What I do not want is the HRMC coming knocking on my door for checking. Basically I do not want to do nothing wrong that can either put me or the business at risk.

Mobile phone/contract;
How can I go about with this one? Just allocate 2/3 of each invoice to the business? Allocate all of it to the business? I do use it for personal calls as well but most of them are business related.

I have not allocated any other expenses to the business like electricity, water, landline, as it is still a small business. I will have to look at these sometime later.

Any help is well appreciated.

Albert, C
Reply With Quote

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What year is a RE transaction reported in? Lagrangian Mechanic Tax 2 04-06-2013 01:08 PM
quick question regarding SOX/GAAS/other rules regarding employee of client working for auditor Zarlot531 Accounting 0 09-06-2007 03:34 AM
Regarding whether or not my father can claim me as a dependent. Tax 4 03-06-2007 11:03 AM
question regarding opening a Roth IRA account for year 2006. Can I open after filing my taxes ? Venkata Munaga US Taxes 2 02-24-2007 02:03 PM
Re: Advice regarding invoicing from a dissolved limited company? Troy Steadman UK Accountancy 3 09-04-2003 08:35 PM

All times are GMT. The time now is 08:36 AM.
Posts in this forum do not constitute the advice of or its members. Financial advice should always be taken from qualified advisors before committing to a financial decision.