Flipping Cars - Putting things Against Tax

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Mon 20 Mar 2017 19:17
Flipping Cars - Putting things Against Tax - Adam Tompkins

I understand that repair and advertising costs can be put against tax - but there are two things that I am not sure about. The cost of my trade policy (which includes personal use) and my trade plates. Can I put both of these things against tax?

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Mon 20 Mar 2017 20:21
Flipping Cars - Putting things Against Tax - RobJP

They are business expenses, so the answer should be yes.

However, you will only get a definitive answer from an accountant. For which he will charge. Which will be an allowable business expense.

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Mon 20 Mar 2017 21:15
Flipping Cars - Putting things Against Tax - SLO76
Trade policy and plates are business expenses and fully tax deductible as any tools of the trade would. Though I always had a personal policy running on our main family car so I could be regarded as having zero personal use but my accountant never mentioned it.

Edited by SLO76 on 20/03/2017 at 21:28

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