Volans, Leach & Schofield can provide assistance to self-employed people in the Leeds area on allowable expenses and other tax and financial issues...

We are often asked: "What expenses can I claim now that I am self employed?".

The rather glib 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:

  • Business entertaining including the VAT; however input VAT on business entertaining of overseas customers is recoverable
  • Charitable subscriptions and donations, except to small local charities
  • Political donations
  • Costs and Fines for breaking the law
  • Loan Capital Repayments
  • Drawings, including payments for tax and National Insurance contributions
  • Depreciation; capital expenditure is subject to the capital allowance regime

Expenditure on plant and machinery for most small businesses is likely to be covered by the annual investment allowance of up to £1 million.

April 2013 saw the introduction of a new cash basis for calculating taxable income for small unincorporated businesses. One of the measures allows any unincorporated business to choose to use flat rate expenses for the following items of business expenditure:

  • Fixed allowances for business mileage
  • Expenses relating to business use of the home
  • Adjustment for private use of business premises

This information is not exhaustive. Please contact us if you have any queries about the allowability of specific expenses.

If you are self-employed in the Leeds area and would like advice on claiming allowable expenses, contact Volans, Leach & Schofield.

Copyright

© 2019 Volans, Leach & Schofield. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0113 245 7031

Quick links

Home | Contact us | Credit | Site map | Accessibility | Disclaimer | Help |


Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the FCA.

Our FCA Register number is 542783 which can be checked at www.fca.org.uk/register. The Financial Conduct Authority does not regulate taxation and trust advice, personal finance and some aspects of commercial property investment.

Volans, Leach & Schofield is a trading style of Volans Limited - Company number 07549089.

Registered in England and Wales with registered office at 10 Blenheim Terrace, Woodhouse Lane, Leeds LS2 9HX.

Directors: Christopher Smart FCA CTA and Martin Knaggs FCCA.

Please check the information in the Disclaimer page before proceeding.