Guide to Allowable Expenses
We are often asked: "What expenses can I claim now?''
The answer is "Anything that relates to your business". Whilst this is generally true, there are some expenses which, although genuine business expenses are specifically excluded from tax relief, such as:
Expenditure on plant and machinery for most small businesses is likely to be covered by the annual investment allowance but there are certain items, such as cars, where the tax allowance is spread over a number of years.
Please check our FREE RESOURCES page where you can download a PRF file with a detailed list of allowable expenses
This information is not exhaustive.
Please contact us if you have any queries about the allowability of specific expenses and whether you want to consider the cash basis for preparing accounts.