Pro-Taxman

Finance & Accounting>Simplified Expenses

With holiday season in full swing, we explain the strict scenarios where you can deduct for business entertaining and gifts in calculating taxable profits.

Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business entertaining and gifts in calculating taxable profits. What counts …

With holiday season in full swing, we explain the strict scenarios where you can deduct for business entertaining and gifts in calculating taxable profits. Read More »

A quick guide on how to manage costs and expenses as a work from home landlord

Managing a rental business from home A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses, such as additional electricity and gas, additional cleaning costs, etc. As with other expenses, the landlord can claim a deduction for these when working out the profits of the …

A quick guide on how to manage costs and expenses as a work from home landlord Read More »

Here’s how to reduce business and household costs by using simplified expenses

Simplified expenses for smaller businesses Certain unincorporated small businesses may choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses. Whilst easing the administrative burdens …

Here’s how to reduce business and household costs by using simplified expenses Read More »