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genuineoriginal-
Level 2

An allowable expense and £568 is not? I also had to recategorise my monthly boiler servicing contract from insurance/rent/utilities to property repairs as the former was showing as a disallowable expense. Why would insurance be disallowable as an expense?

 
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Best answer April 26, 2021

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BettyJaneB
QuickBooks Team

An allowable expense and £568 is not? I also had to recategorise my monthly boiler servicing contract from insurance/rent/utilities to property repairs as the former was showing as a disallowable expense. Why would insurance be disallowable as an expense?

Hello there, @genuineoriginal-.

 

I'm here to share insights on when expenses like insurance will be categorised as allowable or disallowable.

 

The information entered on your Tax Profile determines whether or not an expense is allowable. The number of hours must be less than 24 hours so it will be categorized properly.

 

On the other hand, if you entered more than 25 hours, the system will set your Rent/Utilities/Insurance expenses as disallowable.

 

However, to verify and keep your records accurate, I'd recommend reaching out to your tax adviser. They'll be able to help determine the category of your expenses.

 

To add up, you can always scan through these links attached to give you more details about claimable deductions in QBSE:

Let me know if there's anything else that I can assist you with. I'll be right here to help. Keep safe!

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1 REPLY 1
BettyJaneB
QuickBooks Team

An allowable expense and £568 is not? I also had to recategorise my monthly boiler servicing contract from insurance/rent/utilities to property repairs as the former was showing as a disallowable expense. Why would insurance be disallowable as an expense?

Hello there, @genuineoriginal-.

 

I'm here to share insights on when expenses like insurance will be categorised as allowable or disallowable.

 

The information entered on your Tax Profile determines whether or not an expense is allowable. The number of hours must be less than 24 hours so it will be categorized properly.

 

On the other hand, if you entered more than 25 hours, the system will set your Rent/Utilities/Insurance expenses as disallowable.

 

However, to verify and keep your records accurate, I'd recommend reaching out to your tax adviser. They'll be able to help determine the category of your expenses.

 

To add up, you can always scan through these links attached to give you more details about claimable deductions in QBSE:

Let me know if there's anything else that I can assist you with. I'll be right here to help. Keep safe!

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