That said, whether food and drink is a valid small business tax deduction can be tricky. Read more about what constitutes entertainment here, but the summary is If you’re serving light refreshments or lunch on your business premises during work time, you can claim it as a deduction. As with all this advice, check with a tax professional before you submit your tax return. . Vehicle and car expenses If you frequently use your car to help you run your business, one of the best ways to claim method. The logbook must be recorded for weeks and can last up to years.
There are online apps available to help you with keeping a logbook or the traditional book is still okay. Under this method, you can claim a business use percentage of your car expenses that relate to the costs of running your vehicles including Fuel Car registration Insurance Car washes Repairs and maintenance services Interest on USA WhatsApp Number List the finance agreement or the lease If you haven’t kept all these records, you may be able to claim cents/kilometre per businessrelated trip up to ,km/year per car. . Rent and utilities expenses Small Business Tax Deductions Office Space You can claim any space you rent for business use, along with the utilities that run it.
Overheads such as your rent and utilities, including your office phone line, mobile phone, internet, electricity and gas, and water costs are definitely claimable. The catch? If you have paid for something that is a mix of business and personal usage, you can only claim the percentage that was used for your business. Remember that you have to be able to prove your expense is for your small business. What if you run a homebased small business? It can seem like the lines between business and personal use become blurry when you run a homebased small business.