Capital allowances are a type of tax relief for businesses. They let you deduct some or all of the value of an item from your profits before you pay tax.You can claim capital allowances on:equipmentmachinerybusiness vehicles, for example vans, lorries or business carsThese are known as ‘plant and machineryIf you’re a sole trader or partnershipContinue reading “Capital Allowances”
Category Archives: Newry Accountant
Self employed business expenses
If you are self employed your business will have various expenses and running costs which you can deduct to work out your taxable profits. Allowable expenses does not include money taken from the business to pay for private purchases Typical expenses include the following Office costs for example stationary and phone bills Travel costs whichContinue reading “Self employed business expenses”
