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Is the new expenses set-up for the self-employed easy to use?
Simplified expense deductions for 2013/14 onwards are introduced in FA 2013 Sch 5. Anita Monteith set out the new rules in her article Getting a fix.
To recap fixed-rate deductions rather than actual expenses can apply to: business mileage; business use of home; and the adjustment for private use of business premises. HMRC have recently issued guidance on the implementation of the rules in Revenue & Customs Brief 14/13.
In relation to business mileage in private vehicles while the rates do not seem particularly generous the rules appear to be relatively straightforward – actual costs and capital allowances or a fixed rate per mile for the lifetime of the vehicle.
In previous years many practitioners may have already been using HMRC’s approved mileage allowance payments for their small business clients with a turnover below the VAT registration limit.
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