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Forum - Expenses... What can you claim?
Expenses... What can you claim?
Fri, 05/02/2010 - 16:02 — codepotato
Just a brief question, are you able to claim business banking fees as an expense for a company? Might sound a daft question, but i didn't know if there is a loop-hole..
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Thanks for the responses. I thought i could claim them, but just wanted reassurance!
Bank charges and interest are deductible against the trading income of a company. Relief is also available in respect of finance charges that relate to a companies investment activities, although there are some restrictions on this relief.
Relief for these expenses is not restricted to companies and sole traders and partnerships can also claim similar relief. For sole traders and Partnerships relief would be denied if the charges relate to a non trade expense - for example - the bank account is only overdrawn as the owner of the business is withdrawing more money from the business than it is making in profit.
Hi
These can be claimed.
The general rule is expenses that are wholly and exclusively for business purposes can be claimed.
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