Not - Allowed Deductions

  • Domestic or private expenses including the cost of travelling between the place of residence and the place of work
  • Rent of premises owned and used by the person carrying on of a business
  • Remuneration of interest on capital paid or credited by the person carrying on business
  • Cost of goods taken out of the business for private use
  • Disbursements or expenses not wholly or exclusively paid out for acquiring the income
  • Any sum employed or intended to be employed as capital
  • Expenditure for improvements, alterations or additions to immovable property
  • Sums recoverable under an insurance or contract of indemnity
  • Rent or cost of repairs of premises not incurred for the purposes of earning the income
  • Taxes
  • Payments of a voluntary nature
  • Expenses of business entertainment, including hospitality of any kind, made in connection with a business and that exceeds 1% of the gross income of the business. In case that these expenses do not exceed 1% of gross income, then the allowable deduction is up to a maximum of ₤10.000
  • Expenses of a private motor vehicle
  • Interest applicable to the cost of purchase of private motor vehicle or any other asset not used in the business. This provision does not apply after the lapse of seven years from the date of purchase of the relevant asset