Brought to you by
taxinsider

Tax Insider publishes monthly newsletters and reports.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Tax Insider Tip: Travelling Expenses For The Self-Employed: Recent Cases

27th Mar 2017
Brought to you by
taxinsider

Tax Insider publishes monthly newsletters and reports.

Save content
Have you found this content useful? Use the button above to save it to your profile.

There are many hoary old chestnuts in the world of taxation, one of which is the deductibility (or not) of travelling expenses incurred by the self-employed. For an expense to be deductible in computing a self-employed individual’s taxable profits the expense must have been ‘wholly and exclusively’ incurred for business purposes; must not constitute a ‘capital’ expense; and must not be ‘specifically prohibited’ as a deduction by statute. Whilst these principles are prima facie clear, their application is perhaps less so.

In the February issue to ‘Tax Insider’, Malcolm Finney examines the tricky and murky area of the deductibility (or otherwise) of travel expenditure by the self-employed.

As part of our 'three-free-issue' Tax Insider trial, you'll get this strategy delivered to your doorstep, plus 20 more tax saving articles.

Go here to learn more:

>> Travelling Expenses For The Self-Employed: Recent Cases

Tax Insider – 3 Issue Free Trial

Tags: