Company Expenses - Scott-Moncrieff

For an expense to be allowable for corporation tax purposes, it must be incurred wholly and exclusively for the purpose of the expensesThis means that the expense must be incurred for the purpose of enabling a person to carry on and earn profits of the trade. This definition is not always clear cut therefore this fact sheet aims to provide some guidance on the grey expensesUnpaid pension contributionsUnpaid employers pension contributions at the year-end are not allowable for corporation tax purposes. Tax relief is available in the year the payment is salary and employers national insuranceAccrued salary which remains unpaid 9 months after the year end is not allowable for corporation tax purposes. Tax relief will be available in the year the payment is and renewalsThe cost of repairs are usually revenue and allowable for corporation same rule applies for the like for like replacement of an item which is a subsidiary part of a larger asset, for example replacing a the situation where an improvement of the original item has taken place, for example a 2 piece bathroom suite has been upgraded to a 3 piece suite, this is not a

For an expense to be allowable for corporation tax purposes, it must be incurred wholly and exclusively for the purpose of the trade. Company expenses This means that the expense must be incurred for

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