Am just about to enter the racecourse where I've been invited by another acc firm for hospitality box, lunch, drinks and gambling.
Will the taxman pay 20% of the cost of drinks and bets?
I hate gambling and have to feign interest with any of my horse related clients so arguably no personal benefit to me so I don't think w and e is a problem.
Genuine question. Noted that any winnings would be taxable on my company!
Replies (13)
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So what is the limit then?
I knew you'd say that! Well I'm gonna shove 4.70 through and if tax man wants to fight over 94p then he can fight me.
Ps, looking around this train of drunk charlies it only reinforces my view that horse racing and gambling is all bollx.
Just so we know, at what amount do you think you would refrain from making an overstated tax deduction. You are perfectly aware that the travel is not W&E, but seem happy to defraud the exchequer of that 94p. Would £94 also be acceptable? What about £9,400, or would you baulk at that? And would that be on moral grounds or just because you think HMRC would be more likely to want to fight over it?
Just a moment
Who is paying for what? The OP says that he's been invited under hospitality. It doesn't sound very hospitable to then ask the guest to pay for his own drinks, steaks and stakes.But if the OP's company does indeed have to finance his day out, it should be fully allowable for CT. As for P11D matters ...