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emmamahon0
January 2, 2024
Question

expenses

  • January 2, 2024
  • 1 reply
  • 0 views

I have just run a report on the 23-24 tax year out of curiosity and see that I have a very large amount in disallowable under Other Business Expenses however when I return to my account and isolate transactions to show only 'Other Business Expenses' the transactions showing aren't totaling to this amount. I can't seem to find where this is money is. 

1 reply

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MirriamM
January 2, 2024

Great to have you here in the Community forum, emmamahon0.

 

Let me share some information about the transactions showing as disallowable.

 

QuickBooks Self-Employed (QBSE) uses the Simplified Expenses method to calculate the allowable business expenses for your car, van, or motorcycle. The rate is based on the mileage you drive.

 

Expenses that fall under the SA103F categories tagged as allowable can be deducted from your taxable profit. However, disallowable expenses are transactions that cannot be deducted from your business income.

 

For more information on classifying transactions as Allowable or Disallowable expenses, you can refer to this article: Allowable and disallowable expenses explained. You can also learn more on the HMRC website.

 

If you have any further questions, please don't hesitate to leave a comment below. I'm always here to help.

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