- Send LEO the contract before you sign it, not a description of it
- Send MAYA the actual statement rather than typing the numbers out
- Send MARCUS the receipt you are unsure about
- Photograph paperwork with your phone. That works too.
Example conversations with Tax & Bookkeeping
Describing the receipt
You
I bought some tools and I am not sure how much I can claim.
Tax & Bookkeeping
It depends on the value and whether the items count as equipment or consumables. Smaller tools are usually a straightforward expense. Larger items may be capital and treated differently. If you can tell me the total and what the items were, I can be more specific.
Now you type it all out, and it still has to guess.
Attaching the receipt
You
I bought some tools and I am not sure how much I can claim. [receipt.pdf attached]
Tax & Bookkeeping
Read it. Four items, £1,847 total.
Straight expense: the drill bits, the two hand tools and the consumables. 312, claim in full this year.
Capital: the SDS breaker at £1,535. That goes through capital allowances, and the Annual Investment Allowance means you can almost certainly still relieve it in full this year.
One thing: the receipt is in your personal name, not the business. Keep a note of why. It is fine, it is just the sort of thing that gets queried.
Want me to log this against the quarter?
Straight expense: the drill bits, the two hand tools and the consumables. 312, claim in full this year.
Capital: the SDS breaker at £1,535. That goes through capital allowances, and the Annual Investment Allowance means you can almost certainly still relieve it in full this year.
One thing: the receipt is in your personal name, not the business. Keep a note of why. It is fine, it is just the sort of thing that gets queried.
Want me to log this against the quarter?
It read the actual receipt and caught something you would not have mentioned.
If a specialist asks for a document, that is the fastest route to a real answer instead of a hedged one.
Try it on your business
Every lesson ends with a question to hand to a Greymill specialist, who answers with what it knows about your business.