Business expense describes expenditure incurred wholly and exclusively for the purposes of carrying on a trade, profession or business, and is central to tax deductibility and profit calculation across the UK and Ireland. In England and Wales, Scotland and Northern Ireland, income tax and corporation tax rules (including the Income Tax (Trading and Other Income) Act 2005 and Corporation Tax Act 2009) distinguish allowable business expenses from capital expenditure, private or mixed-use costs, and expenditure with a dual business and non-business purpose. HMRC guidance and case law refine concepts such as “wholly and exclusively”, “revenue” versus “capital”, and “necessarily” for employment expenses. In Ireland, similar principles apply under the Taxes Consolidation Act 1997, which permits deductions for expenses incurred “wholly and exclusively” for the purposes of a trade, with Irish Revenue guidance and case law addressing borderline categories. In legal practice, business expense issues arise in tax planning, corporate transactions, employment and consultancy arrangements, partnership and LLP disputes, and contentious tax enquiries. Key practical questions include timing (accruals vs cash basis), classification (trading vs capital), apportionment where there is mixed use, and evidential requirements (receipts, policies, board minutes) to support deductibility.

1 Business health check Date of review [Insert date] Person(s) conducting review [Insert name(s)] 2 Business planning 2.1 We have a realistic business plan in place Yes In part No The business plan is current and appropriate for the market challenges There are clear medium-term goals and shorter-term targets to get there The business plan addresses succession planning, market positioning and financial wellbeing The business plan is easily translated into actions for our people There is a process to keep the business plan under regular review We have checked on progress against the business plan in the last three months 2.2 We are investing in the future Yes In part No The investment plan for the next three years addresses what we need to do and how it will be funded Our premises are correctly located and suitable for our future plans Finances are flexible enough to allow us to invest if an opportunity comes along IT equipment, infrastructure and software applications are sufficient for us to deliver what our clients expect efficiently and effectively 3 Finances 3.1 We are financially secure Yes In part No Our

A partnership between a local authority and the local business community to develop projects and services that will benefit the trading environment within the boundary of a clearly defined commercial area, paid for through an additional charge on their business rates.

ARCHIVED: This Practice Note was archived and is not maintained. The conflict in Ukraine and actions taken by and against Russia have wreaked havoc on global business operations, causing supply chain disruptions, interruptions in operations and the loss of assets located abroad. International retailers, manufacturers, service providers and technology companies have curtailed, discontinued or are in the process of discontinuing operations in Russia. Losses reportedly exceed US$59bn. Russian entities that leased aircraft from international companies have failed to return the aircraft after lease terminations. Disruptions in the supply of strategic metals, including neon used in microchip manufacturing, which is produced in Russia and refined in Ukraine, have caused losses to business partners across the supply chain. Loss of agricultural outputs from Ukraine combined with the loss of agricultural inputs from Russia—such as potash—has put pressure on global grain supplies and is likely to impact agricultural products. Ukraine is planning a vast reconstruction effort to include investments in infrastructure, security, residential housing, and commercial and industrial rebuilding projects, as well as diversified

Arbitration analysis: The Court of Appeal in Bath Racecourse Company Ltd and others v Liberty Mutual Insurance Europe SE and others upheld the Commercial Court’s interpretation of composite business interruption policies, confirming that each insured benefits from a separate indemnity limit. It also confirmed that furlough payments under the CJRS must be deducted as savings. This decision has wide implications for coronavirus (COVID-19) BI claims, and permission has been granted to the Supreme Court (UKSC/2025/0068) on the furlough deduction issue, which may impact the outcome of thousands of claims. Written by Tatiana Minaeva, independent counsel and Arbitrator.

The Deputy Prime Minister, Business Secretary, business leaders and trade unions held their first meeting on 14 August 2024 to discuss the government's Plan to Make Work Pay. The government has again confirmed that the Employment Rights Bill, which will play a key role in delivering the Labour government’s Make Work Pay pledges, will be introduced within 100 days of entering government.

Where a landlord has issued a claim for the renewal of a business tenancy under the Landlord and Tenant Act 1954 (LTA 1954), and the tenant no longer wants a new lease,

Business liability is liability that arises either from things done or to be done in the course of a business, or the occupation of premises used for business purposes of the occupier. Clauses that seek to exclude or restrict business liability are subject to controls under the Unfair Contract Terms Act 1977.

In the context of the UKCG Code, an explanation by the directors (in the annual report) of the basis on which the company generates or preserves value over the longer term and the strategy for delivering the objectives of the company.

A company may carry on business under a name other than its registered name. A business name does not require registration at Companies House pursuant to the CA 2006. However business names are subject to a number of rules and offences which are similar to those that apply to registered company names (CA 2006, ss 1192–1199). For further information see Company names and business names.

Law360: A pub landlord and seven other business owners have failed to prove that a case of coronavirus (COVID-19) occurred at each of their premises and caused its closure, therefore justifying insurance cover, Liberty Mutual Insurance Europe SE has said.

A business plan is now strongly encouraged by the Pensions Regulator; it usually sets out the objectives of the scheme in areas such as administration, investment, funding and communication, and is intended to focus the trustees' minds on making decisions which best serve their members.