This means that you can’t really claim tax relief for things that are a mix of business and personal or expenses that aren’t necessary for your business. However, so long as your expenses are for the purpose of your work trip, they’ll likely be eligible. Some common eligible HMRC ...
Consequently, there are instances where a keyman insurance policy might not tick this box. For instance, if the policy is used to helpcover business loan repayments. In this case, it’s very unlikely that the premiums will go down as allowable business expenses, and therefore will not be de...
Top tip! Be sure to find out about the full range of allowable expenses you can claim as a sole trader.9. How much tax will I pay on income I make from selling online?The amount of tax payable on the income you make from selling online is determined by the Income Tax band yo...
The review of that assessment indicated that HMRC thought that Apostle had either deliberately or carelessly made incorrect expense claims and no evidence of business expenses had been provided. FTT decision The FTT has held that, in this case, HMRC had not made a valid discovery on which the ...
Some of your rental business expenditure can be claimed as expenses. For example, if you replace any furniture that has been subject to wear and tear and has reached the end of its useable life, you can claim that cost as an expense. If you own a property with a buy to let mortgage,...