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Claiming back food & drinks expenses on an outing - food or outings for tax purposes?
My expenses are broken down into food & drink, toys & equipment, outings, & miscellaneous. If I take mindees on a trip and we buy lunch or drinks should this go under outings or food & drink? And on a similar note, do things like craft resources, printer ink etc go under equipment or miscellaneous? TIA
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Originally Posted by
MrsP2C
My expenses are broken down into food & drink, toys & equipment, outings, & miscellaneous. If I take mindees on a trip and we buy lunch or drinks should this go under outings or food & drink? And on a similar note, do things like craft resources, printer ink etc go under equipment or miscellaneous? TIA
I think you should organise your book keeping to suit you.
If you stick to the criteria that you use then write up yourself a set of criteria for these catagories....so if you want to put food and drink into outings then do so...or put in your criteria all food and drink will come under this heading.
There are no hard and fast rules...as long as you know and could explain your book keeping methods.
I have a bigger break down of expenses as it helps me personally to analyse and review where my spending lies and which area I could possibly cut back on/ make more profit from. Eg outings would be an area and miscellaneous would be seperate.
Craft is one of my biggest ongoing expenses so I have it as a seperate line.
When you fill in your tax form you can choose not to show these small breakdowns, just go for in and out statement, so as long as you know what is going in and what out, it is your personal preference how you keep tag of your expenses.
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