Trade business expenses FAQ
Yes, because computer equipment like a laptop is considered capital expenditure. How much you can claim and in what tax year will depend on the capital allowance rate.
In most instances, private health and life insurance are not tax-deductible expenses. However, you can claim the cost of business insurance policies, if they're used strictly for business purposes.
If you pay for the mobile using business funds, it must only be used for business calls. Only in that instance is it a tax-deductible expense.
If you use your mobile phone for both business and personal use, you can claim a portion of the cost as a business expense.
If you use traditional accounting and buy a vehicle for your business, you can claim this as a capital allowance.
If you use cash-basis accounting and buy a car for your business, claim this as a capital allowance if you’re not using simplified expenses.
Yes, fuel is an allowable expense.
If you’re using a work vehicle (only for business purposes), you can claim 100% of your fuel, mileage and car maintenance expenses.
If you’re using a personal vehicle, you’ll need to track your mileage to claim the cost per mile for eligible business travel.
You can only claim for the cost of hardware which will be used exclusively for work purposes, and not for more general reasons. You also need to prove that a camera is an essential tool for running your trade business.
No, this would be considered a personal expense and is not tax-deductible.
You can only claim for the cost of eyewear which will be used exclusively for work purposes, and not for more general reasons.
No, this is considered a personal expense. The only time meals are a tax-deductible expense is when you’re working away from home.