Share this content
17

Looking for a show of brains on a simple question

where is the list of what is and is not allowable?

Didn't find your answer?

I dont know anything about tax and would like a simple yes, or no, is my cost allowable?

I cant of course tell you any relevant facts as I dont know what those relevant facts might be, as all my tax knowledge comes from copying what somone else did before.  After all tax is just about knowing what you can and cant claim.  

If somone can show me where the list is of things you can and cant claim, I wont have any more questions. 

**edited to add, yes this is a spoof post**

Replies (17)

Please login or register to join the discussion.

avatar
By carnmores
26th Sep 2020 12:39

good evening was it? N

Thanks (0)
Psycho
By Wilson Philips
26th Sep 2020 12:40

Tesco sell the lists - Aisle 3

Thanks (1)
By johngroganjga
26th Sep 2020 12:46

There is no list as such.

If you are talking about what expenses are deductible in the calculation of taxable trading profits, the answer is that all expenses are allowable for tax if they are incurred “wholly and exclusively” in order to earn the profits, unless there is specific provision in the Taxes Acts that denies relief. The two principal exclusions in the latter are entertaining and depreciation.

Thanks (1)
Replying to johngroganjga:
avatar
By Truthsayer
26th Sep 2020 20:32

Whoosh!....Or are you just pretending?

Thanks (0)
avatar
By Paul Crowley
26th Sep 2020 12:53

Try Aweb any answers
Loads of unpaid idiots will ask questions, you can then safely insult all of them, complain and get them banned from the site.
It is tremendous fun.
And to really show your colours, make a big point of publicly thanking the random contributor that agrees with you, not the idiots that actually point out what you are clearly doing wrong, because they did not answer the direct question, being tax relief on purple shirts because I have a purple logo for my VAT registered hobby trade

Thanks (0)
Replying to Paul Crowley:
avatar
By carnmores
26th Sep 2020 13:56

Really Paul, get a grip look at the posters history

Thanks (0)
Replying to carnmores:
avatar
By Paul Crowley
26th Sep 2020 14:11

Posters question is not to be seen as a question but a reference to similar from others.
Or maybe I am reading between lines

Thanks (0)
Replying to Paul Crowley:
avatar
By carnmores
26th Sep 2020 14:22

depends on how widely spaced they are Paul ;-)

Thanks (0)
Replying to carnmores:
avatar
By Paul Crowley
26th Sep 2020 14:29

I always double space
I can add extra and pretend it was already there and it was you who misread it. Not my fault.

Thanks (0)
Replying to Paul Crowley:
avatar
By carnmores
26th Sep 2020 14:32

LOL

Thanks (0)
Replying to Paul Crowley:
avatar
By carnmores
26th Sep 2020 14:39

Look at the first reply Paul

Thanks (0)
Replying to carnmores:
avatar
By Paul Crowley
26th Sep 2020 14:44

Whoops

Thanks (1)
avatar
By whitevanman
26th Sep 2020 15:03

Rest assured, I know everything there is to know about tax and I can assure you that all costs are allowable. Consequently there is no need for a list. I'll have a pint!

Thanks (0)
avatar
By John Isabel
26th Sep 2020 22:38

Daft question surely. There is no list as it depends on the taxpayer.

If they think that they “pay enough tax already” then everything is allowable.

If someone else richer than them tries to claim anything, however, it’s a complete [***] take. This especially applies to large corporations.

If your mate down the pub is claiming it, you should too. Regardless of what it is and whether your mate is right or wrong to claim.

If a ‘specialist’ reviews the expenditure it’s all claimable, as long as you bung the ‘specialist’ 20%. Beware this only applies until the specialist rides off into the sunset when tax law may apply once again.

No income is taxable if you pretend it was a loan. If anyone tells you it’s still income, keep pretending it’s a loan for about ten years. When you are asked to pay some tax, complain about how unfair it is because you’ve spent all the money and didn’t know. For extra sympathy say the ‘bigger boys’ made you do it.

Thanks (0)
Replying to John Isabel:
avatar
By Tax Dragon
27th Sep 2020 09:10

John Isabel wrote:

Daft question surely. There is no list as it depends on the taxpayer.

I made a purchase from a second hand car dealer. Not allowable for me; of course it had been allowable for the previous purchaser - the dealer. Come to think of it, most things I buy are like that - not deductible for me but had been deductible one owner previous... indeed whether it's capital or revenue depends on who buys what when and why (hence my opening car example).

But what about a list of items that could never be deductible for anyone? (And we're specifically talking deductible here, not that relief might be provided for by specific provision such as capital allowances, even though, depressingly, this thread is inspired by one about a deduction for what was for that purchaser a capital item.)

I'll start. Could buying goodwill ever be an allowable expense? Actually no... let's ignore intangibles. And then I'm struggling. I can't think of anything that wouldn't be on the list for the right taxpayer if bought for a relevant purpose.

(I know that was the point of the thread and I know y'all have said it already, but tax-illiterate folk read this forum. Indeed, they have been encouraged to join. And such might not get the sarcasm and satire on display in the previous posts. So one of us had to be a bit boring and explain the joke.)

Thanks (1)
Replying to Tax Dragon:
By SteveHa
28th Sep 2020 08:22

Tax Dragon wrote:

(I know that was the point of the thread and I know y'all have said it already, but tax-illiterate folk read this forum. Indeed, they have been encouraged to join. And such might not get the sarcasm and satire on display in the previous posts. So one of us had to be a bit boring and explain the joke.)

Why? People are told time and time again that they shouldn't rely on advice received on an internet forum from a bunch of random strangers. I don't see why reiterating that that is good advice will be helpful.

Thanks (0)
Replying to SteveHa:
avatar
By John Isabel
28th Sep 2020 10:22

I very much doubt most new posters read the rules. They cant even read the bullet points at signup which would (in most cases) make them realise they are in the wrong place.

The only real way to solve the problem is to actively moderate the forum, preventing misuse of anonymous feature, closing down or deleting pointless threads from freeloaders who havent read the rules, etc.

Clearly the site administrators do not have the time/inclination to do this. They don't have community moderators undertaking this task voluntarily (such moderators are generally a bad idea anyway in my opinion) and in times gone by the site was effectively self-moderated by the firm responses given.

Unfortunately the 'current' editor in chief (interim) has removed the self-moderation function from the community without bringing in any sensible form of admin moderation (banning users for trying to do the job he's failing to do, and/or for daring to challenge his ego doesn't count) and as such the whole thing is likely to fall apart.

Still, hits are probably up in the short term, protecting advertising revenue. Who gives a [***] if the quality of content goes to the dogs, eh?

Thanks (1)
Share this content

Related posts