Business expenses: what can you claim for?
All self-employed people can claim business expenses, contractors and sole traders included. If you work from home you can claim some household expenses, as well. Make sure you’re not missing a trick at tax time — find out what counts as an expense.
What counts as an expense?
The more expenses you can claim, the less tax you’ll pay. Business expenses can include:
- vehicle expenses, transport costs and travel for business purposes
- rent paid on business premises — including your home
- depreciation on items like computers and office furniture
- interest on borrowing money for the business
- some insurance premiums
- work-related journals and magazines
- membership of professional associations
- home office expenses
- work-related mobile phones and phone bills
- work uniforms
- tax agent’s fees.
To read full original article please select here: www.business.govt.nz
If you need any advice on expenses, what you can claim or even what to code them with give us a call on 033795338.