»Ê¹ÚÌåÓýapp

Chapter 5A ITTOIA 2005

»Ê¹ÚÌåÓýapp Government has introduced simpler rules for some business expenses which can be used from April 2013 onwards. »Ê¹ÚÌåÓýapp rules allow businesses to calculate these expenses using flat rate allowances or adjustments rather than apportioning actual expenditure.

»Ê¹ÚÌåÓýapp simplified expenses rules can be adopted by all sole traders and business partnerships (excluding those with a corporate partner), whether they also use the cash basis or not, and are entirely optional. Limited companies and partnerships with one or more corporate partners cannot use the rules.

»Ê¹ÚÌåÓýappre is no business income limit to using simplified expenses.

»Ê¹ÚÌåÓýapp categories covered by the new simplified expenses rules are:

• Expenditure on motor vehicles (BIM75005)
• Use of home for business purposes (BIM75010)
• Private use of business premises (BIM75015)