SBQ - Income Tax

• For Trading income ,Accounting fees are exempt (if used in accounts preparation)
• For trading income, Legal fees are included if in renewal of leases more than 3 years
• For trading income, class 2 NICs are added back
• For any lost invoices for trading income, VAT is not added or deducted
• In trading income, cost of patents for the business are deducted
• In trading income, cost of contribution to a pension scheme for an employee is deducted
• In trading income, any subscriptions are deducted
• Private assets made available to employees are added to employment income by 20% benefit
• In employment income, vouchers are added back
• In trading income, fines are added back
• In trading income, pension contributions for your own personal scheme are added back
• In trading income, any personal overdraft fees are not added or deducted
• In employment income, one medical check up is exempt in a year (so it is 0)
• In trading income, building work is capital in nature and hence will be 0