Glossary · Self-assessment
Allowable expenses
Business costs you can deduct from income: those spent wholly and exclusively for the business.
Stock, materials, rent of premises, insurance, accountancy fees and the business share of phone, motor and travel costs are typical. Capital purchases such as vans and equipment are claimed as capital allowances (the cost written off over several years) instead. Personal costs never count.
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Related terms
Capital allowances · Allowable rental expenses
All terms · General information, not tax advice.