Bra-vo for effort but don’t try this expenses trick folks
Ever wondered what you can and CANNOT get away with claiming on expenses?
As you might expect, I’ve seen THE LOT!
Sometimes, more than one might care to see if I’m quite honest!
There seems to be a “grey area” for some folk, where the personal and the business world collides and I understand that.
The key thing to remember is this…It has to be for the BUSINESS and NO personal benefit.
So imagine the red faces at HMRC when an unnamed “OnlyFans” content creator managed to convince the HMRC that a breast enhancement was a legitimate business expense. This was “revealed” by the Mail on Sunday last week and you can imagine the combination of indignation and dare I say “titillation” they got from that story.
Considering these treatments on the NHS are on average £6000 (according to my outsourced research on the matter), this could all get rather expensive for the taxpayer.
There’s previous for this too, one former BBC presenter managed to wangle a claim for dental treatment as he was switching from radio to TV work.
These examples have meant that people have tried to claim facelifts, breast implants, Botox injections, teeth-whitening and similar. Most accountants and tax advisors know that these will get kicked out of tax return reviews so won’t enter them. If people insist it gets entered, then it needs to be declared in the white space on the return. Then wait with fingers crossed.
It is the same with any medical treatment, it falls under the dual benefit rules and cannot be claimed. It seems that this may all be set to come to halt pretty soon and HMRC even noted that; “It’s very unlikely that a non-health-related operation would be an allowable expense.”
The golden rule is that the expense has to be wholly and exclusively for the self-employed business.
Unlikely, but still tempting? Please be careful and if in doubt, ask a professional…like me!
Remember…Business, not Personal.
Now, if you want to ensure you don’t fall foul of the law on expenses, why not grab your free copy of my guide to expenses.
You can find it HERE. After all, nobody wants to go “bust” over this do they?!