It\’s nice to see a bit of frothing outrage now and again.
It is an old injustice, and old feminist carp: why should a tycoon glide round to see his mistress in a chauffered car and deem it a business expense, while a tycooness – contributing equally to the economy – can\’t claim for the person who makes it possible for her to step outside the house without a baby buggy? Why must a single mother, seeking to better herself and join the taxpaying classes, fund her childminder out of taxed income while her employer claims as corporate-entertainment the cost of taking his old mates to Henley or Spearmint Rhino?
Only one problem with it of course.
Entertainment expenses are not allowable against tax.
Some expenses are legally deductible in the profit and loss account under the accounting rules and conventions but are \’not deductible\’, or are \’not allowable\’ for tax purposes, while some items shown in accounting profit are not taxable and must therefore be deducted in computing taxable profit. Expenses considered \’not allowable\’ include the following: * depreciation on tangible fixed assets * amortisation of goodwill on consolidation * losses on sale of fixed assets * entertainment expenses.