A-Z of Business Tax Deductions

A-Z of Business Tax Deductions cover


Is it allowable?

That is the question so often heard when an accountant is preparing a client's business accounts. There are classic 'grey area' expenses as well as the detail behind new legislation to contend with in the quest for the solution. Researching the problem is time-consuming and stressful.

This is where A-Z of Business Tax Deductions, 2nd edition steps in. It has been compiled to provide clarity in areas where there is doubt. It examines the deductibility for tax purposes of particular expenses incurred by sole traders, partnerships and limited liability partnerships. The A-Z format allows the reader to navigate to the relevant topic. Each section contains a listing of relevant cases, HMRC guidance and legislative references so that the legal principles that lie behind the issue can be considered. Extra commentary is provided in instances where a clear 'yes or no' answer to the deductibility question simply does not exist.

A-Z of Business Tax Deductions, 2nd edition has been thoroughly revised and updated to reflect the major legislative changes brought in by recent Finance Acts including Finance Act 2018, as well as recently issued HMRC guidance and relevant new cases.

Key updates include:
- Loan interest relief restriction for residential property businesses
- Qualifying conditions for using cash basis accounts
- New cases on subsistence and travel claims
- Adjustments on change of accounting basis
- Trading and property allowances

Table of Contents

Table of cases
Table of statutes
Table of statutory instruments
List of examples
List of abbreviations

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
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 expenditure
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 and property allowance
B55 Trading stock and work in progress
B56 Training courses and examination fees
B57 Travel expenses
B58 Unremittable amounts
B59 Use of home as office
B61 Wayleaves
B62 Wear and tear
B63 Websites
Appendix – Case summaries

Product details

Published 23 Aug 2018
Format Paperback
Edition 2nd
Extent 424
ISBN 9781526507310
Imprint Bloomsbury Professional
Dimensions 234 x 156 mm
Publisher Bloomsbury Publishing

About the contributors


Annette Morley

Annette Morley is an experienced adviser in corpor…


Nicola Moore

Nicola Moore has more than 25 years’ experience as…