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Claiming future expense

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    #11
    You could make an accrual for a future expense if you have received the benefit of the expense before making payment.

    This usually occurs where something is purchased on delayed payment terms, such as a company buying a load of computer equipment and having 60 days to make payment.

    As you won't be receiving any goods prior to making payment for them, you cannot do this.

    You could look into Provisions, which are wollier than accruals, but I doubt any respectable accountant would sign that off.

    Nice try though.

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      #12
      Originally posted by BrilloPad View Post
      Indeed. The OP would be much better off with the NLUK_Dutch_Antillies scheme. 90% take home guaranteed. Just remit your invoice to the offshore account and you can be certain of getting your 90% back.

      And the best thing about the NLUK_Dutch_Antillies scheme is they make charitable donation such as to mod ban hammer awards....
      I'm sure said organisation would be quite happy to pay him now before he's put the invoice in.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

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        #13
        Originally posted by cwah View Post
        It's gonna be dry days with IR35. I'd like to save on tax while I'm still making a profit
        Understood. That's what makes Estonia and Latvia attractive from a corporation tax point of view (taxation only at the point of distribution/ drawdown).

        But that is not an option available to you in the UK.
        ‘His body, his mind and his soul are his capital, and his task in life is to invest it favourably to make a profit of himself.’ (Erich Fromm, ‘The Sane Society’, Routledge, 1991, p.138)

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          #14
          It would be fraud. (Notwithstanding ladymuck's answer).

          Thread closed.
          Down with racism. Long live miscegenation!

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