Insurance claim through the books

[Mr Blue]

I bumped someones bumper the other day and it will cost

 

[matt.leung]

ask ur accountant.. or call the tax office...

 

[PC Electrics]

If you pay for it yourself, no I believe not. If you claim for it then any future increase in premium will go through the books in the usual way. I'd say you'd be better off claiming.

 

[m4tty]

What was it you hit mate? Bumper plus spraying could come to

 

[Apache]

You should be able to get it through as vehicle repairs surly?

 

[m4tty]

Get a receipt off other person saying in full and final settlement for damage to bumPer on vehicle xyz on date. And Put that in your books. If they investigate it you'll pay it back then lol.

 

[johninlondon1]

Any damage done by a self employed tradesman during the course of their business and pays for the repairs can use the full cost as an expense in their books. If you claim through your insurance policy, the excess also can be used a business expense. For

 

[Mr Blue]

Thanks guys .

It happened to a friend of a friend and her uncle works in a garage and can do it for that .

I have x amount of years no claims although i don't know if its protected I will have to look .

The price of

 

[SPECIAL LOCATION]

I think the 'during the course of your business' could be a little key point...

If it occurred whilst not at work during your personal time it may be a a bit more debatable..

I think you also have to take into account:-

If a sole trader with the vehicle owned by the person,

- vs -

A Ltd Company where the vehicle is an asset of the company...

You have to watch out for those things the TaxMan says are a 'benefit in kind' that you are getting some additional monetary gain from activities that are not directly related to the business...?

Or is it just a normal vehicle maintenance cost that has to be paid in order for you to still be able to go about your daily business?

hmmm :C

does raise a few thoughts. :coffee

 

[onsiteguide]

Sounds fishy!!!