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Tax proof help

Discussion in 'General Business' started by fadetoblack22, Mar 16, 2010.

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  1. #1
    As you know you can claim costs for your business so you only have to pay tax on your business profits. E.g. When you buy advertising.

    I want to give a prize away on my site and as this will be a business cost, I want to know how to prove this as a tax expense without an invoice.

    Can anyone help?
     
    fadetoblack22, Mar 16, 2010 IP
  2. nEquity

    nEquity Member

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    #2
    just keep records of the competition and the winner I'd say.
     
    nEquity, Mar 16, 2010 IP
  3. fadetoblack22

    fadetoblack22 Well-Known Member

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    #3
    Yeh I think that is all I can do. Do you think it is enough?
     
    fadetoblack22, Mar 16, 2010 IP
  4. nEquity

    nEquity Member

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    #4
    Yes it should be enough, especially for a small thing like that. As long as you have some sort of record that proves it the tax authorities should be happy.

    As to the deductibility of it, that I don't know, unless you know you should probably ask a tax advisor
     
    nEquity, Mar 16, 2010 IP
  5. fadetoblack22

    fadetoblack22 Well-Known Member

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    #5
    Thanks.
    I think it can be deducted as it counts as advertising.
     
    fadetoblack22, Mar 16, 2010 IP