All expenses that you put through your books, i.e fuel, phone bill etc, that you have a receipt for, well, is it the same for wages that I pay out? Should I be photocopying his payslip and putting it in as a 'receipt'?
Also, for every receipt, for example a £20 fuel bill, what then happens? Is it deducted fully from tax bill or summin?
Cheeeeers
for payslips print from a computer this way less work for you and you have them all on file (or get you accountant to do this for you, i do as less hassle)
Keep every single reciept that is business related in anyway
On fuel depending on how you/your accountant does it will deduct either all or part of the reciept for fuel and the same for other things there is more than one way to do this.
your reciepts are deducted from your turnover which in turn lowers your profits which then lowers your tax that you have to pay.
The reason I put about the accountant as for years I have watched people think they are accountants and give mis information to people, I would not go and ask a fireman how to clean a window just because he uses a hose (probs a bad example as loads of firemen are window cleaners anyway
) but you get the point i hope.
This is the same for the others that posted to see accountant that is the best advice on the whole post for people looking for the right information.
I can understand why you posted your question so have answered it aswell (sorry if it got dragged out), but now you know why you got the asnwers you did, I hope it helps anyway dude.
Ian
