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01892 549754 - ray@raymondbenn.co.uk
Please note that allowable revenue expenditure you incur up to seven years prior to the commencement of your freelancing is deductible from your profits in your first accounting period.
The Inspector of Taxes (HMRC) will allow revenue expenditure as a deduction from your freelance income when it is incurred wholly and exclusively for the purposes of your profession. The following is a list of the expenditure which HMRC will normally allow:-
A deduction from your taxable income can be made in respect of your expenditure on 'Fixed Assets' namely the movable tangibles likely to last over two years that are used in your business. The following are some examples:-
Click here Guide to Capital Allowances Regime.
Remember that when you commence your business that you can claim capital allowances on the 'Fixed Assets' which you have introduced to the business even if you purchased an item several years before you commenced your business.
This material provides only an overview of the regulations in force and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.
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