Claiming future expense

[cwah]

Hello

Is it possible to claim for the current fiscal year expense for the next year that haven't been paid yet?

For example, if I know my LTD will pay £40k in pension and £500 in phone cost this fiscal year and the same next year

Could I deduct it from profit on the year 2020? So I total expense of £81k?

So if my profit is £100k, could I deduct £81k to include expense and not pay corporation tax on it?

It sounds better than paying it now then claim corporation tax back later.

[eek]

Hello

Is it possible to claim for the current fiscal year expense for the next year that haven't been paid yet?

For example, if I know my LTD will pay £40k in pension and £500 in phone cost this fiscal year and the same next year

Could I deduct it from profit on the year 2020? So I total expense of £81k?

So if my profit is £100k, could I deduct £81k to include expense and not pay corporation tax on it?

It sounds better than paying it now then claim corporation tax back later.

Um, No...

[cwah]

Um, No...

But isn't it the same if I can claim back loss on the next fiscal year?

[northernladuk]

So much wrong with this question it's untrue. Dunno where to start but it's not an expense until it's been paid. That alone closes this silly thing down.

This level of ridiculousness would be very gratefully received in General. Could a mod make it so.

[northernladuk]

But isn't it the same if I can claim back loss on the next fiscal year?

Oh dear.

[jamesbrown]

Chuckle.

Fereal?

Yes, "cwah", that is absolutely fine, good boy. Also, while you're there, feel free to deduct anything else from profit that seems like a good idea. If you have any clownshoes, for example, that is probably an allowable expense.

[Lance]

It sounds better than paying it now then claim corporation tax back later.

are you planning on making a loss next year or something?

[cwah]

are you planning on making a loss next year or something?

It's gonna be dry days with IR35. I'd like to save on tax while I'm still making a profit

[northernladuk]

It's gonna be dry days with IR35. I'd like to save on tax while I'm still making a profit

Wow.. And you are still carrying on

[BrilloPad]

So much wrong with this question it's untrue. Dunno where to start but it's not an expense until it's been paid. That alone closes this silly thing down.

This level of ridiculousness would be very gratefully received in General. Could a mod make it so.

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....