Expenses – Page 2 – Accounting Logic

Expenses

How To Claim Clothing As A Business Expense

ByWallace September 28, 2022

Clothing does not qualify for tax breaks if it is suitable for daily use. This includes items such as t-shirts, jeans, coats, hats and gloves. However, clothing that is necessary for work purposes should be exempted from VAT. The European Commission has published guidelines on what qualifies as “everyday wear.” These include items such as…

Expenses

Are the Fees You Spent on Legal Representation Tax Deductible?

ByWallace September 28, 2022

The debate about whether legal and professional fees should be considered revenue or capital expenditure often rages on. Should you treat it as revenue or capital expenditure? If you’re confused, here’s how to decide. In accounting terms, legal and professional fees fall into one of three categories: operating expenses, fixed assets and intangible assets. Fixed…