LifeinAsia - 4:25 pm on Feb 2, 2010 (gmt 0)
I assume that you are talking about taking a deduction for expenses you already have, as opposed to finding new things to buy so you can claim as an expense? As such, I'm assuming the Nintendo is actually for personal use, so selling it after reviewing it isn't really going to be an option.
I'm in the U.S. and don't know how taxes work in the U.K., but I didn't see any meals/entertainment listed in the usual suspects you mentioned. For a web marketing business, I'm sure you're constantly meeting with potential clients to drum up new business, right? And Aunt Patty and Uncle Fred don't really need a web site, but there's no law saying you can't try to sell them one anyway while you're having dinner together.
As a 1-person shop, it might be a little hard to justify, but in the U.S., annual shareholder meetings are required, and quarterly, if not monthly directors' meetings are not outside the norm. The big guys rent out huge hotel ballrooms- there's no reason why you can't have yours at a fancy restaurant. Do you have any friends/family members you can bring on board for a nominal salary (or as additional directors)?
I'm currently paying myself a minimum director's salary and taking the rest out as dividends making sure I don't take out too much so that I'm pushed in the higher income tax bracket.
What's the tax rate for personal income? Have you and the accountant worked out the math for taking a higher salary?