Business Expenses & Capital Allowances for Self Employed

It will also cover the complicated rules of splitting personal/business expenses such as working from home, mileage, personal phones, etc. Looking at Entertainment and why this is not allowed. Looking at employee entertainment and the limits of this. It will be explained how expenses show up on the accounts and how they affect the Profit or Loss of the company resulting in tax implications.

After covering expenses the workshop will go onto review Capital Allowances, which is different for the self-employed depending on if the company is Sole Trader, Partnership or Limited. Again covering the basics and going over special allowances e.g. 1^st Year Allowance and special allowances for assets purchased.

Some examples of the above calculations will be shown and show the effect of capital allowance in the tax computations.

This will be followed up by a 1 hour online general Finance 1-1 for those companies that require further assistance, allowing companies to get more specific information on their industry.