CLAIMING EXPENSES TIP
We regularly publish the Step Up Business and Tax Tips Newsletter.
Get it delivered right to your inbox by filling in the form.
The number and variety of machines and products that we've helped develop is quite astounding, yet the ideas still keep coming…
If you have a clever idea to improve your equipment or machinery, want to develop a completely new product or industry, have mechanical problems or failures requiring analysis and need solutions; Motovated can save you time and money by helping you do it right first time.
In this new section, we will try to put some of those strange financial terms into everyday plain English!
1.) Revenue Expenditure
This is an item used to assist the day-to-day running of your business, but is usually used within a year.
Examples: printer repairs, stationery and phone and Internet costs.
2.) Capital Item
These are items used by the business to help generate income, but are expected to be used for more than one year, and will increase the overall value of the company.
Examples: Computers, furniture, machinery and company vehicles.
Revenue items are included on a Profit and Loss report, and immediately reduce the amount of tax to pay.
Capital items are included on the Balance Sheet and only can generally only be claimed back to reduce tax bills over more than one year (depreciated).
If you ever want a review of your tax structures to ensure you are paying the lowest legal amount of tax possible, we are happy to help. You may be surprised at what we may be able to suggest...
"I've had a perfectly wonderful evening, but this wasn't it."
- Groucho Marx
Lady Astor to Winston Churchill:
"Sir, if you were my husband, I would poison your drink."
Churchill in response:
"Madam, if you were my wife, I would drink it."
"He is not only dull himself; he is the cause of dullness in others."
- Samuel Johnson
"Art produces ugly things which frequently become beautiful with time. Fashion, on the other hand, produces beautiful things which always become ugly with time."
- Jean Cocteau
"His ignorance covers the world like a blanket, and there's scarcely a hole in it anywhere."
- Mark Twain
"When you go to the mind reader, do you get half price?"
- David Letterman
Whisky is spelled 'whiskey' in America and Ireland.
'Single' refers to the spirit being produced at a single distillery, but it can be mixed from separately aged casks.
'Malt' means it must be made entirely from malted (sprouted) barley, and only yeast and water is added.
'Scotch' means it was distilled and aged in Scotland.
'Bourbon' is made from between 51% and 80% corn, aged in new charred oak barrels and be at least 40% proof when bottled.
'Rye' is made from at least 51% rye (a grain like wheat and barley).
Kentucky. Although any of the United States can make bourbon, only Kentucky is allowed to put its name on the label.
Cocktails. Scotch tends to have more flavour than bourbon, and this is why bourbon is more often used in cocktails.
"I went to a bookstore and asked the saleswoman, "where's the self-help section?" She said if she told me, it would defeat the purpose."
- Steven Wright
Have you checked out our blogs?