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Did you know: Some of your annoying business expenses could be a tax write off?

by , 14 July 2014
Running a business isn't just about buying computers to work on and then billing clients for your time. It's also about training yourself and your employees. And about ensuring you register your company with the right groups.

Basically there's a lot of annoying expenses that slowly, but surely, steal all your profit.

Thankfully there's a light on the horizon and it comes in the form of a tax deduction...

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Here's why you can claim deductions on some of your annoying business expenses 

According to the Practical Tax Loose Leaf Service, you can claim business expenses as long as they aren't 'capital in nature'.
This means the expense must be an expense you pay to run your business. So for example, you must have business premises so you pay rent.
The rent you pay is 'capital in nature' and, therefore, you can't deduct it. But if you pay for something in your business premises to be repaired, you can claim it as a tax deduction. 
These are deductable expenses because they help you maintain the thing you need to run your business. 
So when you want to claim an expense ask yourself: 'Do I use this expense to run my business or do I use it to manage the elements of my business?' This will help you identify if it's deductable or not.
This also includes these two deductable business expenses...

Claim a tax deduction on expenses for memberships and training courses

The fees for the training courses and membership with an organisation aren't 'capital in nature', which means you can claim them as company tax deductions.
There you have it: Now you don't need to let those annoying business expenses get you and your business down. 
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