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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I run a quiz night which charges £2 entry fee per person,

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I run a quiz night which charges £2 entry fee per person,
If I have an offer of free entry into the quiz can I record the £2 I have not received as an expense and the same as if I offered half price entry do i record £1 turnover and £1 as expenses?
No - as its not an expense - you have chosen to allow a free entry - so its just NIL income for that quiz
And if you charged half price then you would just show the income as what was collected (half the usual fee)
Only if someone owed you money and filed to pay, and you had done all you could to pursue the dent could you then have this as an expense (bad debt) having already declared it as income at the relevant occasion.
Other than that, then this cost is on you entirely (through less income made)
Let me know if you require any further assistance.
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