Claiming expenses

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

Choosing your accounting date

You are free to select your choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.

Buying a business

Buying an established business that someone else wishes to sell provides many with a route into business and enables them to fulfil their desire to enter into business or expand existing operations.

Claiming expenses

The rules that determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

The national minimum wage and the national living wage

An employer must pay their workers a minimum amount per hour as defined by law. This is referred to as the national minimum wage or the national living wage. There are severe penalties for non-compliance.

Green travel allowances

There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.

Buying a franchise

Is buying a franchise of interest to you? This is one approach that many adopt in order to become an owner of an ‘established’ business.

Raising finance for your business

Raising finance for businesses can be challenging to say the least. If you are thinking of expanding your business, or starting a new one, you will need to raise finance. What are your options?

Partnership agreements

Did you know that if you have no partnership agreement, then the provisions of the Partnership Act of 1890 apply? Make sure you have a partnership agreement and that it is up-to-date.

Business deductions

In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.

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