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- Taxable Benefits
Clothing – can clothing for work be set against a tax bill?
Many of us buy clothing that, in reality, we only wear for work – and we are often asked if the cost of these clothes can be set against the tax bill. The short answer is no: HM Revenue & Customs is adamant that such expenditure has a purpose not […]
Bad Debt – what are the tax reliefs on bad debt?
Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT There are detailed instructions for VAT relief on bad debts which is set out in VAT Notice 700/18, […]
Bacon Sandwiches – trivial benefits for employees
There are numerous accounts of tax officers trying to tax the provision of tea and coffee for employees, and whilst some of these amount to an urban myth, the tax rules about providing a bacon (or vegan alternative) sandwich for your employees as a trivial benefit are not straightforward. HMRC […]
Allowable Expenses for Tax Purposes
Allowable Expenses is a fitting subject to start with as a significant proportion of our queries stem from this. The rules about which expenses can be justifiably claimed for tax purposes are opaque and differ from the accounting rules. There are different rules depending on whether you trade through a […]