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Deductions of business expenses 5min

Expenses are part of normal business, just as sales are. These expenses decrease the profits of your company, so it will also affect your taxes. To get the company's operating result correct, reporting your expenses properly is very important. Also the VAT of your company's purchases will be deducted from sales VAT you account to tax authorities. The expenses you can deduct depends on your company type; for example Private traders can deduct expenses differently than Limited liability companies.

In principle all expenses for running your business can be deducted. Although there are differences which expenses are justified. If you are working as a photographer, a camera is essential for your work, so it's clearly a justified expense. Also buying products to sell forward is a business expense, but work clothes are a more complicated matter. Work clothes for construction workers are justified expenses, but generally work clothes for a consult are not. If you are not sure what expenses you can report and need advice, you can contact our FREE! customer service and we'll help you out!

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