How do i prove that i have paid contractors that are working on a cash basis?


Tuesday, January 11th, 2011

I have people that come and work for me, and i normally pay them cash or bank transfer. Im assuming that i can claim this as expenses, if so, how do i prove that i have paid them? Thanks

Tuesday, February 1st, 2011

BeingSelfEmployed.org

For anybody who is self-employed there are many write offs, reliefs and allowances that you may end up getting for you to decrease your tax bill.
You may subtract much of your company spending to work out your businesses profit – but you won’t be able to deduct any type of personal expenses. You can also claim specific reliefs for specific ‘capital expenditure’ – one-off spending to buy or improve an asset you keep and use for the business.
It’s possible to normally obtain write offs, reliefs and allowances for the existing tax year as well as the previous 4 years – however there are some where you have got a shorter time frame for claiming.