Hi tax friends
Can I deduct employee expenses when calculating adjusted net income for HICBC purposes ?
I understand that the HICBC is charged where adjusted net taxable income is higher than £50,000. Obviously this will include employment income BUT is that earnings or net employment income AFTER things like mileage allowance and home working relief ? ( I get that it’s net employment income for IT but what about HICBC?)
HMRC guidance isn’t very clear. I had a look thru s58 ITA 07 and s9 ITEPA but it’s pretty vague.
Thanks!
Dave
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