Expenses Please help!

[gascoigne]

Hello,

I'm just trying to work out my expenses for the year 2010/2011 for my short self assessment.

I have included all my advertising and a % of my travelling costs. But i am stuck...

I save £300 per month solely for Tax purposes, it goes into an isa. When I am calculating my expenses is this an expesnse or classed as part of my personal income.

Also the charges applied to my business account to process the payments and my DD for IN are these also expenses that are taxable?

Thanks for reading and I'd appreciate any help.

Jodie

[section 44]

I save £300 per month solely for Tax purposes, it goes into an isa. When I am calculating my expenses is this an expesnse or classed as part of my personal income.

No. You are saving profits of the business, this is not an expense of the business. To deduct this would effectively mean a double deduction.

Also the charges applied to my business account to process the payments and my DD for IN are these also expenses that are taxable?

No. Again, this is not a business expense.

[Incredulum]

So a bank charge for a payment made for drawings has to be stripped out from the other bank charges because it's not W&E?