Poole Office: 01202 678555

Wimborne Office: 01202 849169

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Claiming legal and financial costs
13/03/2018

The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when working out their taxable profit as long as the expenses are classed as 'allowable expenses'. In this article, we briefly look at the rules for claiming expenses relating to claiming legal and financial costs.

HMRC provides the following guidance on the matter.

Accountancy, legal and other professional fees can count as allowable business expenses.

You can claim costs for:

  • hiring of accountants, solicitors, surveyors and architects for business reasons
  • professional indemnity insurance premiums

You can’t claim for:

  • legal costs of buying property and machinery - if you use traditional accounting, claim for these costs as capital allowances
  • fines for breaking the law.

Planning note

If you are unsure if a cost of this type can be claimed please call us for clarification.


Contact Us

Poole Office

Tower House, Parkstone Road
Poole, Dorset
BH15 2JH
Tel: 01202 678555

This email address is being protected from spambots. You need JavaScript enabled to view it.

Company Registration No: O7430971
VAT Registration No.107585703

Wimborne Office

Beaufort House, 2 Cornmarket Court
Wimborne
BH21 1JL
Tel: 01202 849169

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