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Tax as an expense?

(6 Posts)
newname12 Mon 19-Jan-15 12:06:47

Doing the books, pretty much all done bar pressing submit smile

Last year was first year in profit se, so didn't have this problem. Submitted tax return, paid tax owed.

So for this years books, I have my incomings and outgoings, and overall balance. Do I include the tax paid as an outgoing, and therefore an expense?

Google doesn't help as there are millions of hits for tax and expenses!

Thanks smile

LuckyLopez Mon 19-Jan-15 12:17:28

Haha nice try but no!

morethanpotatoprints Mon 19-Jan-15 12:22:52

No, it would be great though.
Have you included your accountant fee if you have one, although as you are about to press send, it doesn't sound like it. grin
You are cutting it a bit fine aren't you?
There again me and dh did when we were self employed.
Now, as a Ltd company, our accountant gets to press send.

Micah Mon 19-Jan-15 12:23:44

Thanks! ive had enough of it now and just couldn't see wood for trees smile

Micah Mon 19-Jan-15 12:27:01

I've got til the 31st? It's all done, I've just given myself a week away from it so I can look with fresh eyes and have a chance to remember stuff I've forgotten.

It's not a lot of money, so an account would wipe out any profit smile.

Rowingdowntheriver Thu 22-Jan-15 07:10:23

I presume you are talking about income tax? In which case no, it is not an allowable expense.

If you are working through a limited company and are taking a salary from the company then any employers NIC paid is allowed as a deductible expense.

Employees NIC, PAYE or Corporation tax is not.

Hope that helps.

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