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Taxing products as an expense

Aug 17 2005

Technically, you can’t take it in as an expense for tax purposes. But that doesn’t mean you can’t make some sort of deduction to reduce your taxable income. When you first start your business, if you use anything which you already owned and used privately, you can claim what’s called a capital allowance on its market value at the time you start your business. You can claim an allowance of 40% of the market value in the first year and 25% a year thereafter.

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