The Small Business Tax Help Blog

Posts Tagged ‘guide’

Question: UK tax- is a meal tax deductible?

If I hold a meeting in a restaurant with a client and pay for lunch, can it be tax deductable. Lunch is the only time we can meet and we both need to work through lunch and eat too. What’s the rule here? What about a meeting in the office where we need to work through and get food in – Can this be put down as an expense – Hardly seems like ‘entertainment’!

Answer: Sorry, but any sort of hospitality is counted as entertainment for tax purposes and is not deductible when calculating the taxable profits of a business.

The reason is fairly simple . You do not eat in order to make a profit. The purpose of eating is to keep yourself alive. Paying for the clients meal is in a sense paying to acquire business, but it is specifically exclude as a tax deductible expense by s577 ICTA 1988. This came in during the 1960’s when business entertaining was becoming increasingly lavish. It was difficult to set a limit, so all entertaining was disallowed.

HML Holdings PLC – Final Results

HML Holdings PLC – Final Results

The Ramayana in “Sita Sings the blues”

Question: Income Tax & Paying Wages for Canadian Resident Living Outside Canada?

Hi. I’ve set up a small corporation in Ontario (e-business) with a partner who’s a Canadian citizen but living outside Canada at the moment. He has no residence here, since he lived in an apartment before leaving to study in South Korea. My question is, will he still have to file an Income Tax form? Also, how do I pay his salary using payroll (or dividends)? I’m guessing I’d probably have to do monthly wire transfers, since I doubt I could send him checks.

Your help would be greatly appreciated. Thanks!

Answer: Yes you will

SYNNEX Corporation Reports Fiscal 2009 Fourth Quarter and Year-End Results

FREMONT, Calif.----SYNNEX Corporation , a leading business process services company, today announced financial results for the fiscal fourth quarter and year ended November 30, 2009.

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Question: Are termite contracts deductible on rental properties?

I have a rental property in Louisiana that I purchased a termite contract for this year for $700.00. Seem like I should be able to claim it as an expense against the income that I recieved on the property. Does anyone know if I can claim it, and what that would fall under? All I see in Turbo Tax is pesticides listed as a supply, but it seems to be more of a service than a supply.

Answer: It is 100% deductible. I think I would classify it as an "other expense;" Ttax is meant for the country as a whole and termites aren't much of an issue for most of the country.

Almost anything is deductible for rental income. Anything reasonable and necessary for the operation of a trade or business is deductible as such, that includes rental property. The greyish areas are the home office which is necessary for managing the rental(s) - just how much was actually devoted to the business? Repairs and Maintenance (or was it actually an improvement?) Business or personal (just how much of that trip to Hawaii was to manage that condo?)

What to look for in your auto insurance policy

(ARA) - More than 186 million cars are on the road in the United States, according to The Insurance Information Institute. Most states require drivers to purchase auto liability insurance before they can legally drive a car.

FREE Download Quicken Rental Property Manager 2009

A consumer’s guide to reading junk mail

You may think you’re already a pro at sorting out junk mail, but today, with the stakes higher, the rules changing and some bills arriving in disguise, you may need a refresher on recycling, a cra…