Many businesses spend substantial monies on intangibles like building websites, advertisements etc and the question crops up how to treat them for taxation purposes.
|Sole trader/ partnership||Not Allowed|
|Limited Companies||Allowed under under `Corporate intangible assets regime`.
Tax deduction follows the accounting books.
See HMRC toolkit: Capital Vs Revenue Page 4.
Moral of the story:
- Use the toolkits regularly.
- Please use the current year’s toolkit