Can I claim?
Tax is not the only certainty in business, there are also bank charges to consider. When it comes to bank accounts there two kinds available.
If you do decide to make a claim against the monthly fee for a personal account being used for business purposes, it is very important to keep an accurate and up to date record of all transactions; only the ones relating to business use are eligible for deduction.
In the case of a business account, you can claim total relief for all of the charges related to the maintenance of the account.
You can find all bank related charges under Self-Employed expenses for “Financial and Insurance”
You can use a personal account for your business needs, and not all of these attract monthly fees but the ones that do may have a portion of the fee claimed back. In the eventuality of an audit, you must be able to show that the majority of the account use was for business purposes / ventures.
Of course, overdraft fees and ‘fines’ are not eligible for any kind of relief and need to be met by you in full.
The same is true of business credit cards, whether attached to a business account. Monthly fees and charges may be claimed against.
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