The rules for allowable business expenses are generally similar for limited and unlimited companies, with some subtle exceptions. Where there are differences  – these are identified in the guide below.

Insurance

  • All of your business  insurance products are allowable expenses, such as professional indemnity, employer and public liability insurance.
  • You can also claim key man insurance and certain types of life insurances where the purpose of taking out the policy is wholly and exclusively for the purposes of the trade. This is generally satisfied where the policy is taken out to replace lost profits from the absence of that member of staff.
  • The general rule is if the pay out of a claim is taxable then then premium will be tax deductible.

We hope you find this series on expenses helpful. Please take a moment to check out our other articles.

 

 

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