Can I estimate expenses for tax purposes?

Yes is the simple answer despite what some tax inspectors think.

The estimates need to be reasonable, have a logic to them and be an expense that could not easily be calculated any other way. Also you would not expect to estimate most of your expenditure.

The best way to successfully make a tax claim is to have a proper receipt or invoice but for some things it’s perfectly acceptable to estimate.

If you’re having trouble with HMRC over estimated expenditure then maybe we can help.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s