expenses

[business newby]

Hi, i have recently started a small business and i am gathering receipts by the bucket load!!!
The receipts im wondering about are the parking reciepts, how much value if any can i claim back??

 

[Joyous]

If they're as a result of parking whilst on business then they are 100% claimable.

NB parking fines are not claimable.

Regards

Joy

 

[business newby]

Thanks for the reply Joy, so if say my tax is 22 % of earnings for example the receipts will be deducted off of this amount making me pay the taxman less?

 

[The Bookkeeper]

The cost of the tickets would be deducted from your taxable earnings so yes your tax saving would be 22% of the cost of the tickets.

 

[Kent Accountant]

Don't forget that if you're paying tax at 22%, you're probably also paying class 4 NIC at 8%, so the total saving is actually 30% of the cost incurred