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Bank Account Fees for tax purposes?

Posted 26 August 2015 under Tax Questions


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Antony says:
25 August 2015 at 22:22

Concerning Bank Charges as a Business Deduction, does the monthly Bank Account Fee count as a Bank Charge or just the Service Fees?

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TaxTimTaxTim says:
26 August 2015 at 12:51

They would both count if they relate to the bank account for your business and are therefore incurred in production of your income.

You cannot claim the deduction in full if you have personal expenditure going through the same account though.


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