Clothes for work - are they tax deductible?
BusinessIf you need special clothes to do your job you may think the cost of these is an allowable business expense. There are only a few items of clothing which are allowed as a tax deductible expense.
If you need special clothes to do your job you may think the cost of these is an allowable business expense. There are only a few items of clothing which are allowed as a tax deductible expense.
Having a separate bank account for your business expenses and income keeps your business spending separate from your personal spending and enables you to easily see if your business spending is exceeding your business income.
If you have been in business for a while and do not have the income you were anticipating there are a few things you need to consider.
How often do you review the costs in your business ...............
It can be confusing to know what you can claim back VAT on when someone who does work for you recharges you for some of their costs. This article explains how to work out when you can recover VAT and when you are not able to.