Musical instruments as a rule do not reduce in price. If this is the case would it be correct to not provide for depreciation in a limited company?
What do other colleagues do who represent musicians.
Also I am unable to find HMRC scale rates for meals of a director whilst he works away from home in the Uk. Can anyone help with a link to the HMRC internal manual? Thank you.
Finally for sole director companies do colleagues use licence (rental) agreements for office home use (which produce a larger expense in ltd company accounts) or the standard £208 per annum. Do you include broadband/gas electricity costs? I am aware of the difficulty regarding the interest rate restriction.
Thank you for your help.
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Instruments: then perhaps a valuation policy will be more appropriate. It's up to you to chose policies that give a true and fair view and disclose them appropriately.
Tax is another matter...
Clients travelling on business put through their meal costs, I don’t use a benchmark rate.
Clients have rental agreements but only those who can be bothered to keep the records since it is very onerous getting the figures from them and it makes a Director tax return more complicated plus the property is often jointly owned. No restriction on interest for commercial lets. Broadband may be charged in addition at a higher rate.