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Expenses Guide – Sole Traders & Partnerships

Tax Tips

Expenses Guide – Sole Traders & Partnerships

“Tax doesn’t have to be taxing” was the Government’s slogan a few years back but the fact is it remains a minefield, lacking both logic and joined up thinking in lots of places!

We all know “Bob stood at the end of the bar claims everything, mate” but the actual rules are quirky and can be difficult to navigate.

We’ve developed this guide to try and chop through the main points that are relevant for most sole traders and partnerships.

The tax legislation enables certain expenses to be claimed as a deduction against business income, thereby reducing personal and/or business tax.

Here are some of the most common types of expenses you may encounter which are generally allowable, when the rules are followed – Expenses Guide – Sole Traders & Partnerships

Remember, if you’re ever in doubt on whether you can or cannot claim for something, just drop us an email and we’ll clear it up for you.

If you have any questions or would like to know more, please get in touch.