Tag Archives: self-employment

Tax relief for gym costs?

It may be tempting for self-employed individuals to claim tax deductions for expenditure that is not ‘wholly and exclusively’ for the purposes of their trade, profession or vocation. Unfortunately, the tax rules generally preclude a deduction for such expenditure. Mixed use However, if an expense has a mixed (i.e., business and private) purpose, the tax… Read More »

Taking a gamble?

It is relatively common for HM Revenue and Customs (HMRC) to argue that an individual’s activities amount to a trade, so any profits from that activity can be taxed. Is it a trade? Regular and structured transactions on e-Bay or Amazon are examples where HMRC has been looking out for undisclosed trades being carried on.… Read More »