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