Overview deductions

Deductions

Overview deductions 

One of the most common questions we get from people who have just started a business is what can be deducted in the business. In general, you can say that you have the right to deduct all costs that your business needs to incur in order to generate its income, directly or indirectly. What the question really is about, and what makes the rules not always completely obvious, is that the motivation behind certain costs is either both private and business oriented, or that it is difficult to prove which of them. It can e.g. apply to food, fuel, healthcare, vehicles, expensive electronics, travel, mobile phone subscriptions, etc. If you in all sincerity can say that the purchase you want to make is 100% for the sake of the company and can prove it upon audit, then it is likely deductible. But there are exceptions, and we try to account for the most common of them in this section of our resource bank.

 

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