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CAN YOU CLAIM TAX DEDUCTIONS FOR UNUSED PREMISES?

A tax inspector is disputing deductions for costs relating to unused business premises included in your latest accounts. Are you entitled to tax relief for these or does the inspector have a point? Your business’s accommodation needs can change for any number of reasons, such as expansion or contraction of your trade. Whatever the reason…Read More

IS THE COST OF ENTERTAINING A DIRECTOR TAX DEDUCTIBLE?

One of our clients, who runs a one-man company, wanted to know if he was entitled to a tax deduction for the cost of an extravagant meal with his partner following the completion of a successful contract? Business expensesGenerally, expenses incurred by businesses in the course of trading are tax deductible, but there are exclusions.…Read More

SELF ASSESSMENT PENALTIES

Due to cash flow difficulties, I have not yet paid my self-assessment payment on account, which was due on 31 July 2018. I realise that I will have to pay interest on the amount outstanding, but will I also have to pay a penalty? A. As you correctly say, HMRC will charge interest on the overdue…Read More

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