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Posted Thu, 29 Jul 2021 18:49:03 GMT by Jay Kay
Hi, apologies if this is in the wrong place/asked wrong, I don't use forums very often. Myself and a friend both run small businesses from home and were considering buying some shared equipment and material as our businesses are very similar, such as specialist printers and paper. The equipment/materials would be used 50/50 and the cost split 50/50, but we aren't sure how to go about this so that the expenses are split in regards to invoices for tax returns etc. as the money would come out of one of our bank acounts. Is there a way we can split our purchases like this so that we can both write off the expense? Is this allowed? We are both new to business so thought it was best to ask. - Jay
Posted Tue, 03 Aug 2021 08:30:30 GMT by HMRC Admin 17


Hi,
 
It does not depend on which bank account the expense comes from but who has incurred the expense.

If the expense is split 50:50 then this is what can be claimed under your own particualr trade. 

Thank you.

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