17 May Harrisons Accountancy – Meal ticket
Who should pay for our meeting?
Meetings are part and parcel of business, whether it is meeting a potential client, meeting suppliers or meeting a colleague we all do meetings. Whether you have had a great meeting or not who should pick up the bill?
Who ever ends up paying the bill is unable to claim the whole bill against Tax. So what can you do to make the meeting Tax deductible?
Making your meeting Tax efficient?
The most Tax efficient way to make you meeting Tax efficient is to get two bills. One for each person – this means that each individual can claim the meeting against Tax. Don’t worry about getting two bill as the waiter or waitress will be happy to do this for you. You are likely to give them a tip for the service which you have received (which is not Tax deductible.)
If you spend £100 on yourself this will save you £20 meaning the meeting only costs you £80 and if you get additional business from the meeting then the meeting is worthwhile.
What do you need to do?
Keep good records of where the meeting was, who it was with and what was discussed. You should keep these anyway to make sure you have them for follow up actions – I always recommend a summary email of the meeting with required actions. Remember you are able to claim the travel to and from the meeting as well – so keep a record of these. Once you have all the relevant paperwork make sure you forward them on to your accountant to claim against your Tax.
What other expenses can I claim?
If you ant to know more get in touch with Harrisons Accountants in Biggleswade. If you want more tips from Harrisons Accountancy, feel free to get in touch.