FOUR ELMS BOOKKEEPING

Bookkeeper for small businesses in Yeovil, Sherborne, Langport, Wincanton, Somerton and surrounding areas of South Somerset and West Dorset.


Expenses disallowed when calculating trading profits for Corporation tax


EXPENSES MUST BE WHOLLY AND NECESSARILY INCURRED FOR TRADE PURPOSES TO BE TAX-DEDUCTIBLE

  • Donations to national charities not made via GiftAid.
  • (Corporate GiftAid is given gross and is an allowable expense.)

  • Donations to political parties
  • Legal fees relating to capital items owned by the business (except for fees incurred obtaining loan finance, obtaining patents or registering trademarks)
  • Legal fees relating to issue of share capital
  • Interest payable relating to non-trading activities can only be relieved against interest income (this includes interest payable to HMRC)
  • Interest payable relating to loans used to buy rental properties can only be relieved against interest income, not against property income.
  • Premiums paid for grants of leases.
  • Fines and penalties (except for reimbursement of those incurred by an employee while on duty)
  • For help with self-assessment tax contact Four Elms Bookkeeping.

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    2014 Four Elms Bookkeeping