Scribd Logo
Upload

Welcome to Scribd!

  • 2K views

    Allowable and Disallowable Expenses PDF

    Uploaded by

    Anna Mwita
    Allowable expenses include staff costs, insurance, rents, utilities, security, maintenance, communications, travel, and vehicle costs incurred wholly for business purposes. Disallowable expenses are those not incurred solely for trade, such as personal expenses, capital expenditures, entertainment, fines, gifts, food, drink, tobacco, and theft by directors. The tax return itself provides guidance on allowable deductions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Allowable and Disallowable Expenses PDF

    Uploaded by

    Anna Mwita
    2K views1 page
    Allowable expenses include staff costs, insurance, rents, utilities, security, maintenance, communications, travel, and vehicle costs incurred wholly for business purposes. Disallowable expenses are those not incurred solely for trade, such as personal expenses, capital expenditures, entertainment, fines, gifts, food, drink, tobacco, and theft by directors. The tax return itself provides guidance on allowable deductions.

    Original Title

    allowable-and-disallowable-expenses.pdf

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Allowable expenses include staff costs, insurance, rents, utilities, security, maintenance, communications, travel, and vehicle costs incurred wholly for business purposes. Disallowable expenses are those not incurred solely for trade, such as personal expenses, capital expenditures, entertainment, fines, gifts, food, drink, tobacco, and theft by directors. The tax return itself provides guidance on allowable deductions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views1 page

    Allowable and Disallowable Expenses PDF

    Uploaded by

    Anna Mwita
    Allowable expenses include staff costs, insurance, rents, utilities, security, maintenance, communications, travel, and vehicle costs incurred wholly for business purposes. Disallowable expenses are those not incurred solely for trade, such as personal expenses, capital expenditures, entertainment, fines, gifts, food, drink, tobacco, and theft by directors. The tax return itself provides guidance on allowable deductions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Allowable and Disallowable Expenses

    Allowable Expenditure Disallowable Expenditure

    Staff related costs Not wholly & exclusively incurred for trade
    Employers NIC Your own wages, salary or drawings
    Insurance The initial cost of buildings
    Rents Council tax relating to the private use
    Heating, Lighting, Rates of your home
    Security Alterations & improvements to business
    General maintenance of: premises (Capital Allowances)
    business premises and machinery Travel between your home & workplace
    Telephone, mobiles Entertaining
    Postage, printing Legal fees and fines if you break the law
    Trade & professional journals General reserves for bad debts
    Car insurance, servicing, repairs The cost of clothes which could be worn
    Road fund licence for non-work purposes
    Petrol/Diesal Payments to clubs, charities
    Parking fees Depreciation
    Rail fares, air fares, taxi Capital (Pre-acquisition)
    Hotels Gifts to customers- £15 max
    Accommodation & subsistence No food, drink or tobacco unless
    Advertising, mailshots conspicuous advertising under certain limits
    Accountancy fees Hire charges for expensive cars
    Solicitors fees Lease premiums
    Professional indemnity insurance Theft by Directors & senior staff
    Unrecoverable debts
    Interest on business bank loans
    Bank charges, credit card charges
    Pre-trading expenditure
    Use of home as an office
    Music cds, videos, dvds
    Laundry
    Grooming
    Christmas parties (Up to certain limits)

    Allowable Deductions

    Expenses incurred solely for business purposes are generally allowable. This expenditure is
    usually referred to as 'Wholly & Exclusively'.

    Disallowable Deductions

    Expenditure which is not wholly and exclusively intended for trade purposes, is not allowable.

    An easier way to remember what is allowable is to use the Tax Return itself. On the Tax Return,
    the Inland Revenue lists the items, which should be included as expenditure items.
    This is a good indication as to what the Inland Revenue will allow.
    www.fitnessindustryaccountants.com

    For resources articles and free downloads, visit the website.


    advice@andrewjamesconsulting.com

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy