E · Glossary
Expenses
Business costs that reduce taxable profit — must be "wholly and exclusively" for the trade.
Expenses are business costs that reduce taxable profit. UK rule: must be "wholly and exclusively" incurred for the business. Travel, office, equipment, software, training (for existing skills), professional subscriptions all generally allowable.
Related terms
Stop dreading tax. Start ignoring it.
Get a fixed-fee quote in 60 seconds. No signup, no card, no sales call. We'll just tell you what it'll cost and how fast we can file it.