A Guide to Business Expenses

Expenses are a fantastically complicated area of accountancy, this guide is here to simplify them for you.

Overview

Companies pay tax on the profits the business makes. So, you pay less tax if costs can be set against profit. For day to day overheads, those costs generally have to be incurred ‘wholly and exclusively’ for the purposes of the trade, in order to be tax deductible. Because expenses are a fantastically complicated area of accountancy, this guide is here to simplify them for you.