a:3:{s:7:"widgets";a:3:{i:0;a:7:{s:5:"title";s:27:"Allowable Business Expenses";s:4:"text";s:7295:"<p><span style="text-decoration: underline;">In all cases an expense is allowable only if</span></p>
<ul>
<li><span style="color: #000000;">it was <span style="font-family: Arial;">reasonably incurred  </span></span><span style="color: #000000;"><span style="font-family: Arial;">(</span></span>To be reasonably incurred, an expense must be: appropriate to the business and necessary to the business and not excessive in relation to the nature of the business &amp; the level of trading &amp; the number of employees)</li>
<li><span style="color: #000000;">it was <span style="font-family: Arial;">wholly and exculsively </span></span><span style="color: #000000;">i</span><span style="color: #000000;">ncurred</span><span style="color: #000000;"> for the purpose of the business <span style="font-family: Arial;">or spent </span></span><span style="color: #000000;">for the purpose of the business and</span></li>
<li><span style="color: #000000;"><span style="font-size: small;">it </span></span><span style="color: #000000;">was relevant to the assessment period or <span style="font-family: Arial; font-size: x-small;"> </span></span><span style="color: #000000;">spent in the assessment period. </span></li>
</ul>
<p><span style="text-decoration: underline;">A List of Allowable business expenses :</span></p>
<p><span style="color: #000000;">All day-to-day expenses of a business including</span></p>
<ul>
<li><span style="color: #000000;">Accountancy charges</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Advertising</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Cleaning of business premises</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Difference between opening and closing stock (on accounts)</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Discounts allowed to customers</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Employees' wages before any deductions are made, including any wages payable to the domestic partner</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Employer's contributions to employees' pension scheme</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Employer's (secondary) Class 1 SS contributions</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Heating and lighting </span></li>
</ul>
<ul>
<li><span style="color: #000000;">Hire or rental costs (but not<b></b></span><span style="color: #000000;"> any capital or purchase elements)</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Interest payable under a credit sale, a consumer credit agreement or a hire purchase agreement (but not<b></b></span><span style="color: #000000;"> the capital element of payments )</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Legal fees associated with the business</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Payment in kind for work done for<b></b></span><span style="color: #000000;"> the business - the monetary value is allowable</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Rent and Rates</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Stationery</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Stock purchases</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Sundries, or miscellaneous items, </span><span style="color: #000000;">which are small in relation to total allowable expenses provided that</span><span style="color: #000000;"> the decision maker is satisfied that no non-allowable expenses, for example for business entertainment, are included.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Telephone,Mobile, Fax, Internet</span><span style="font-size: x-small;"><span style="color: #000000;">:</span></span><span style="color: #000000;"> If the account is in the company name and any private use is not significant then there is no taxable benefit for internet usage. If the account is personal then you may only claim a proportion of the bill based on your business usage.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Professional Subscriptions:<span style="font-family: Arial; font-size: x-small;">  </span></span><span style="color: #000000;">Claims for subscriptions to professional bodies relevant to your employment are <span style="font-family: Arial; font-size: x-small;">  </span></span><span style="color: #000000;">permitted. This is restricted to certain professional bodies approved by HMRC.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Reference Books and Journals</span><span style="font-family: Arial; font-size: x-small;">: </span><span style="color: #000000;">Reference books and journals provided these relate to the duties.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Professional Subscriptions:<span style="font-family: Arial; font-size: x-small;">  </span></span><span style="color: #000000;">Claims for subscriptions to professional bodies relevant to your employment are <span style="font-family: Arial; font-size: x-small;">  </span></span><span style="color: #000000;">permitted. This is restricted to certain professional bodies approved by HMRC</span><span style="color: #000000;">.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Training</span><span style="font-family: Arial; font-size: x-small;">: </span><span style="color: #000000;">The cost of training courses provided these relate to the duties of your employment.</span></li>
</ul>
<ul>
<li><span style="color: #000000;">Entertaining: Expenses related to bona fide business entertaining may be claimed if the entertainment meets all of the following criteria:</span></li>
</ul>
<ul>
<li style="list-style-type: none;">
<ul>
<li><span style="color: #000000;">Customers or potential customers are present, and </span></li>
<li>No member of the employee or office holder’s family is present, and,</li>
<li>Where the purpose of the event is not predominantly social, (e.g. reciprocal entertaining).</li>
</ul>
</li>
</ul>
<p><span style="color: #000000;">A full explanation of entertainment expenses should be documented and substantiated by original receipts.</span></p>
<ul>
<li><span style="color: #000000;">Transport <strong><span style="font-family: Arial;">excluding</span></strong></span><span style="color: #000000;"> any home-to-work costs - also if a vehicle is used partly for private purposes</span></li>
</ul>
<p><span style="text-decoration: underline;"><span style="color: #000000; text-decoration: underline;">Employee vehicles: mileage payments for business travel</span></span></p>
<table border="1" width="98%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td valign="top"><strong>Type of vehicle </strong></td>
<td valign="top"><strong>Rate per business mile 2017-18</strong></td>
</tr>
<tr>
<td valign="top" width="10"><strong>Car</strong></td>
<td valign="top" width="10">For tax purposes: 45p for the first 10,000 business miles in a tax year, then 25p for each subsequent</td>
</tr>
<tr>
<td valign="top" width="10"><strong>Motorcycle</strong></td>
<td valign="top" width="10">24p for both tax and NICs purposes and for all business miles</td>
</tr>
<tr>
<td valign="top" width="10"><strong>Cycle</strong></td>
<td valign="top" width="10">20p for both tax and NICs purposes and for all business miles</td>
</tr>
</tbody>
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<p>7) <strong>Other Non- allowable Expenses:</strong><br />Office Clothing such as business suits (except safety clothing)<br />Spectacles<br />Car service and repairs<br />Training Courses not related to your employment - e.g. plumber claiming skiing instruction<br />Private club subscriptions - e.g. Golf Club membership<br />Entertaining: Entertaining expenses are always disallowed in the company's accounts as a deduction for Corporation Tax. The areas most likely to raise an inquiry by HMRC into the company's accounts are the Director’s travel and entertaining expenses as these have the most potential for abuse. The cost of entertaining staff or colleagues in the same organisation is not considered bona fide business entertaining. SEE ABOVE for allowable.<br />For details of these and more, please visit www.hmrc.gov.uk</p>
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