There are some common expenses that business owners mistakenly try to claim for but which aren’t actually tax deductible. The most common ones claimed in error are: clothing – which is only acceptable in very specific situations, spectacles – only acceptable in...
This is a question that crops up now and again from clients who perform some of their business activities at home. Generally speaking, if the room used for the business is also sometimes used as part of the home (e.g. as a guest room, or for watching television /...
When an employee or director travels to a temporary place of employment, from their permanent place of employment (usually the home address for Personal Service Companies), then they can claim tax relief on relating travel & subsistence expenses. However, if/when...
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid. BIKs tend to cover personal expenditure – commonly private medical/dental cover, personal use of company cars/vans and fuel benefits etc. The BIK is...
Here is a list of certain expenses that aren’t tax deductible – but which regularly get claimed, or questioned, by clients: Clothing Unless it’s protective clothing, or a uniform, clothing is not tax deductible. Spectacles Eye tests are claimable for workers using...
This is a common difficulty when calculating net rental property income and you should really seek advice. It depends on what the expenses were and when they were incurred. You can claim for maintenance and repairs/renewals. Repairing or replacing should be...
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