Specialist Tax Regulatory Materials
31 May 2021聽- This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Allowable deductions for employee-related expensesThis guidance note covers the tax treatment of some common types of trading expenditure relating to employees. Some of these are disallowable under general principles, for example the wholly and exclusively test or capital versus revenue expenditure.
First year allowancesFirst year allowances (FYAs) are available on the following items:鈥irst-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as 鈥榝ull expensing鈥�) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were
Non-business expensesIntroductionIn order for an expense to be tax deductible it must be incurred because of an employee鈥檚 employment. Any non-business related expense is, therefore, not relievable except in some very particular circumstances.This guidance note deals with three separate issues. The
