Common tax deductions
While you pay tax on your profits, you can claim legitimate business expenses.
Business expenses are costs necessarily incurred in running your business. They must not be of a private or capital nature.
Your professional adviser will help you determine which expenses are likely to apply to your business. Common expenditures include the following:
- accountancy fees
- bank charges
- computer supplies
- depreciation of plant, equipment, motor vehicles
- hire or lease payments
- interest payable on borrowed funds
- motor vehicle expenses
- printing and stationery
- rental of premises
- repairs to plant and equipment used in the business
- salary and wages
- staff training expenses
- sub-contracting costs
- subscriptions to professional journals and industry bodies
- telephone and other communication costs
- travelling and accommodation.