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Where Taxpayers and Advisers Meet

Gifted money and claiming expenses

mat_hibbert
Posts:1
Joined:Sat Oct 14, 2017 9:05 am
Gifted money and claiming expenses

Postby mat_hibbert » Sat Oct 14, 2017 9:09 am

Hi, I have been very generously gifted 11000 from my folks to help me out in starting my new workshop.

I am a furniture maker and brought lots of new equipment with the gifted money. Is it legal to still claim these purchases as expenses even though the money that brought them was gifted to me and I won't be paying tax on that money??

Thanks very much in advance

Warm regards

Matt

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