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Business Insurance

Can I claim?

Yes. 

Conditions

Any insurance that you take out that are directly related to your business can be claimed for.  This can be quite a complicated area as there are many different types of insurance and the product that the insurance relates to has to be included as a part of the business operation.

On SimpleTax

You can enter these figures on the Self-Employed page by adding: 

  • “Financial & Insurance” for professional indemnity or employer’s liability.
  • “Office Space and Utilities “or “Use of Home as Office” for property insurance.
  • "Car and Other Vehicles - Insurance" for motor insurance.

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More information

Depending upon your business, where you trade from and what you do, the insurances may vary.  For instance, you will need car insurance and possibly cover for your premises and/or employees.  This is simple to calculate if you work from an office away from home, but if you work from home, again percentages may have to be worked out.  For example, if you are using your car 50% for the business and the rest of the time for private use, only 50% of the car insurance costs can be charged against the business.    

Things like building and contents insurance are generally deemed as being a household expense if you have a home office.  However, if you know the percentage usage applicable to your home office area, it is possible you may be able to claim back just a small proportion of the insurance costs.

You cannot claim for things like medical insurance as they are related to you and not the business.  On the other hand, if you take out "key man" insurance which is totally business related and applicable to you being able to work within your chosen profession, this can be included.

 

 

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The friendly way to do your taxes online.

SimpleTax automatically tells you what expenses you should be claiming, what you should watch out for and ways to lower your tax bill.

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