A-Z of Business Tax Deductions

By: Annette Morley, Nicola Moore
ISBN: 9781526507310

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£110.00
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About A-Z of Business Tax Deductions

Provides clarity in areas where there is doubt as to the deductibility for tax purposes of particular expenses incurred by a business, such as unincorporated businesses, operated by sole traders, partnerships and limited liability partnerships. Structured in an easily navigable A-Z format, all business areas covered are quickly identifiable. Legislative references, summaries of key cases and HMRC guidance help the reader to understand possible allowances and allowable deductions in situations... Read more

About A-Z of Business Tax Deductions

Provides clarity in areas where there is doubt as to the deductibility for tax purposes of particular expenses incurred by a business, such as unincorporated businesses, operated by sole traders, partnerships and limited liability partnerships.

Structured in an easily navigable A-Z format, all business areas covered are quickly identifiable. Legislative references, summaries of key cases and HMRC guidance help the reader to understand possible allowances and allowable deductions in situations where there may be some ambiguity.

Important legislative changes:
Loan interest relief restriction for residential property businesses (F(No 2) Act 2015 and FA 2016)
Property business deductions: Replacement of domestic items/abolition of wear and tear allowance (FA 2016)
Calculation of profits of trades and property allowances (Finance (No 2) Act 2017)
Trading and property allowances (Finance (No 2) Act 2017)

Table of Contents

Part A: General principles

1 Generally accepted accounting practice
2 Cash basis for unincorporated businesses
3 Capital or revenue expenditure
4 “Wholly and exclusively”
5 Property rental businesses

Part B: Business deductions generally

B1 Adjustments on a change of accounting basis
B2 Advertising and sponsorship
B3 Bad and doubtful debts
B4 Car hire
B5 Charitable gifts
B6 Compensation and damages
B7 Counselling and re-training
B8 Crime-related payments
B9 Defalcations or fraud by employees
B10 Depreciation and loss on disposal of fixed assets
B11 Dilapidations (leases)
B12 Employer deductions for employee benefits
B13 Entertainment
B14 Ex-gratia payments
B15 Fines
B16 Fixed rate deductions
B17 Foreign exchange losses
B18 Franchise payments
B19 Gifts to customers
B20 Goodwill and know-how
B21 Guarantee payments
B22 Herd basis
B23 Hire purchase
B24 Incidental costs of obtaining loan finance
B25 Insurance
B26 Interest on overdue tax and penalties
B27 Keyman insurance
B28 Lease premiums
B29 Lease rental payments
B30 Legal and professional costs
B31 Loan and overdraft interest
B32 Management charges
B33 Mileage allowances
B34 Patent rights and expenses
B35 Pensions
B36 Political expenditure
B37 Post-cessation expenses
B38 Pre-trading expenses
B39 Provisions
B40 Quotas
B41 Removal expenses
B42 Remuneration
B43 Rent and rates
B44 Repairs and renewals
B45 Restrictive undertakings
B46 Royalties
B47 Security
B48 Software
B49 Staff welfare costs
B50 Subsistence
B51 Tax (foreign)
B52 Trade subscriptions
B53 Trade tools
B54 Trading stock and work in progress
B55 Training courses and examination fees
B56 Travel expenses
B57 Unremittable amounts
B58 Use of home as office
B59 VAT
B60 Wayleaves
B61 Wear and tear
B62 Websites
Appendix – Case summaries
Index

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