Corporation tax - Chargeable profits - Expenses - General principles - Revenue expenditure - Wholly and exclusively - 3470

    Expenditure will be deductible if it is incurred wholly and exclusively for the purposes of the trade. There can be no duality of purpose (but see ¶3475 for the ability to apportion). The only...

    Staying away the tax efficient way!

    If you have to travel on business HMRC accepts the cost as a tax deductible expense. However, it argued the opposite in a high profile tribunal case. Why and what was the outcome?

    Tax deduction for rent without the expense

    One of our subscribers was told by an associate that his company could claim a tax deduction for renting its business premises even though it was in a rent-free period. It sounds too good to...