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Allowable expenses

Allowable expenses

Dear All

Are VAT penatlties/surcharges an allowable expense in a company's accounts for tax purposes when calculating the CT liabilities?

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By mrme89
27th Feb 2013 09:40

No - see BIM31610

 

Kind Regards

John

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27th Feb 2013 10:04

General rule is that the usually the payments made to HMRC are not allowable. Further any fines and penalties for infraction of law are not allowable.

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