What expenses can I claim for?
You can claim for any business expense, which you have incurred in order to earn your profits. These expenses are normally referred to as revenue expenditure. Revenue expenditure is your day to day running costs and covers such items as:
Purchase of goods for re-sale, Wages, rent, rates, repairs, lighting and heating, etc., Running costs of vehicles or machinery used in the?business, Accountancy fees, Interest paid on any monies borrowed to finance business expenses/items, Lease payments on vehicles or machinery used in the business.
If you are registered for VAT the expenses you claim should be exclusive of VAT.
What about Food and Subsistence Expenses?
It is a long established principle that the cost of meals taken at the place of business is not allowable for tax purposes. In?addition, expenses incurred on meals consumed away from the place of business are, in general, not wholly and exclusively laid?out for the purposes of the trade or profession since everyone must eat in order to live. Costs of meals may be allowable?where a business by its very nature involves travelling, as in the case of self-employed long distance lorry drivers, or where
occasional business journeys outside the normal pattern are made.
This post is taken directly from revenues guide IT48
If you require any assistance with taxation please do not hesitate to contact Ralph for further advice
email@example.com or phone 091-442882