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Self Storage - expense?

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    #11
    [QUOTE=Just1morethen;797729]
    Originally posted by Little'Old Me View Post
    Yes you could - if you can prove that is your intention when you made the booking is to check out the latest technologies and it was "wholly, necessary and exclusively" for you business.
    QUOTE]

    Am I not right in saying that a business expenses need to be "necessary". This only applies to employment expenses.
    If you are a sole trader you are correct. But if the expense is a expense of a Limited company then it often needs to be "necessary" because the decision is made by an employee. If you follow all three, you are less likely to have a problem, as some Ltd company expenditure is not allowable - because the expenditure is for "non trading" reasons, they are not allowable, as a trading expense because it is not "necessary" for trading purposes.....

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      #12
      [QUOTE=Little'Old Me;797942]
      Originally posted by Just1morethen View Post

      If you are a sole trader you are correct. But if the expense is a expense of a Limited company then it often needs to be "necessary" because the decision is made by an employee. If you follow all three, you are less likely to have a problem, as some Ltd company expenditure is not allowable - because the expenditure is for "non trading" reasons, they are not allowable, as a trading expense because it is not "necessary" for trading purposes.....
      I disagree. A limited company is subject to the same rules as a sole trader or partnership. Bob Jones has covered this in another thread - "Are books tax deductible?" or something similar and I am inclined to agree with Bob's stance.

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