An entrepreneur reduces their taxable profits with tax relief schemes such as capital allowances and super deduction.

Capital allowances and the super deduction

Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]

Allowable Expenses – The costs you can reclaim.

If you’re self-employed, there are costs which you are able to deduct as allowable expenses for your business in 2021/2022. Deducting these allowable expenses as part of your business’s taxable profits, allows us to reduce your income tax.  If your business has turnover of £50,000 in 2021/22, and you have £15,000 in allowable expenses, your[…]

Travel and Subsistence

Your obligations for reporting travel expenses Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the[…]