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Claiming legal and financial costs

Source: HM Revenue & Customs | 14/03/18

The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when working out their taxable profit as long as the expenses are classed as 'allowable expenses'. In this article, we briefly look at the rules for claiming expenses relating to claiming legal and financial costs.

HMRC provides the following guidance on the matter.

Accountancy, legal and other professional fees can count as allowable business expenses.

You can claim costs for:

  • hiring of accountants, solicitors, surveyors and architects for business reasons
  • professional indemnity insurance premiums

You can’t claim for:

  • legal costs of buying property and machinery - if you use traditional accounting, claim for these costs as capital allowances
  • fines for breaking the law.

Planning note

If you are unsure if a cost of this type can be claimed please call us for clarification.

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC

FT

BBC

VEALE WASBROUGH VIZARDS

CESP

PRACTICE INDEX

More Local:

IPAD CREATIVE

ANGLEBURY PRESS

OFFCAMBER.CO.UK

SANDISONS

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Salisbury Road, Blandford Forum

Dorset DT11 7QD

Telephone: 01258 451234

Fax: 01258 453280

Sandisons is the trading name of Sandisons Limited. Registered office: Badger House, Salisbury Road, Blandford Forum, Dorset DT11 7QD.  Co. Reg. No. 05068291

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