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If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit.
As a general rule you can claim for items that you would normally use for less than 2 years as allowable
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Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense must have been deductible in calculating the trading profits.
This means that the expense still
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There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services, but VAT can only
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Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not.
If you are not registered for VAT, you do not have to add VAT to your sales and you cannot
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