Which of the following is an example of an allowable expense for Corporation Tax?

Travel expenses for business meetings qualify as an allowable expense for Corporation Tax because they are directly related to the business's operations and necessary for generating income. When a company incurs costs traveling for meetings, conferences, or other business-related activities, these costs can be properly accounted for as they help facilitate the growth and functioning of the business.

In contrast, fringe benefits provided to employees, while they may be deductible under certain conditions, do not clearly focus on the expense incurred for generating profit in the same straightforward manner as travel expenses. Personal expenses of the owner cannot be claimed as a business expense because they do not relate to the business's operational needs. Similarly, home office supplies, while they may be relevant in specific circumstances, must meet stringent criteria to qualify as allowable expenses under Corporation Tax. These factors contribute to travel expenses for business meetings being the most straightforward and acceptable example of an allowable business expense.