What home-office expenses are deductible for your business?
With greater use of home-working now the norm for many UK businesses, it’s important to think about the deductible expenses that you may be able to claim when working from a home office.Working from home results in us using more power, more broadband and more heating than when working from an office space, or from […]
Why are some expenses not allowed for tax?
Expenses if you’re a company
Review your expenses – and save yourself money
Expenses if you’re self-employed
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.Example: Your turnover is £40,000, and you claim £10,000 in allowable expenses. You only pay tax on the remaining £30,000 – known as your taxable profit.Allowable expenses […]