Hi, My spouse is in a partnership and I am preparing the partnership accounts for the business. I have some questions on what expenses are allowable or reasonable for the partners to claim -
1. Motor expenses. The partners supply me with their receipts/ invoices for running costs of their car, together with their best estimate of the business element of these costs. Am I right in thinking that they should be reimbursed for this cost from the business bank account rather than through their individual tax return? Secondly, one partner has supplied me with costs associated with a second vehicle he owns - I presume each partner can only claim for motor expenses against one vehicle?
2. Home office costs and other home costs. The partners can be required to do some work at home at times. Can they claim for costs associated with a home office eg printer, ipad, ink, stationery, office lighting? Also, can they claim for a reasonable percentage of their home heating, esb and phone costs? Again, as above, is this a payment that should be made from the business bank account to each partner, or for each partner to manage through their personal tax return?
3. Attendance at conferences. During the year there have been some conferences attended which they do for CPD purposes. Are they entitled to claim back hotel and food costs associated with attending such conferences? If so, is this something for inclusion in their personal tax return or for reimbursement through the business?
4. Professional tax fees. Each partner uses a professional to prepare their tax return. Is that fee an allowable expenses in the partnership accounts?
Thank you very much for any advice anyone can give.
1. Motor expenses. The partners supply me with their receipts/ invoices for running costs of their car, together with their best estimate of the business element of these costs. Am I right in thinking that they should be reimbursed for this cost from the business bank account rather than through their individual tax return? Secondly, one partner has supplied me with costs associated with a second vehicle he owns - I presume each partner can only claim for motor expenses against one vehicle?
2. Home office costs and other home costs. The partners can be required to do some work at home at times. Can they claim for costs associated with a home office eg printer, ipad, ink, stationery, office lighting? Also, can they claim for a reasonable percentage of their home heating, esb and phone costs? Again, as above, is this a payment that should be made from the business bank account to each partner, or for each partner to manage through their personal tax return?
3. Attendance at conferences. During the year there have been some conferences attended which they do for CPD purposes. Are they entitled to claim back hotel and food costs associated with attending such conferences? If so, is this something for inclusion in their personal tax return or for reimbursement through the business?
4. Professional tax fees. Each partner uses a professional to prepare their tax return. Is that fee an allowable expenses in the partnership accounts?
Thank you very much for any advice anyone can give.