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L.J.Thorpe

  • Posts: 2056
Insurance claim,tax deductable???
« on: March 07, 2011, 12:34:05 pm »
Have got to pay claim on my insurance for flat roof damage (like wet cardboard ::))
anyway can  the excess fee go down against tax!!!! ???
thanks

H S and Son

Re: Insurance claim,tax deductable???
« Reply #1 on: March 07, 2011, 12:56:20 pm »
I believe so. It is a cost that is directly attributable to your business.

I paid out of my pocket for a couple of tiles I broke on a roof a couple of years and put the cost through the books, the account didnt say anything about them and put them through.

Dick

  • Posts: 304
Re: Insurance claim,tax deductable???
« Reply #2 on: March 07, 2011, 06:25:54 pm »
As long as it's a legit business expense, keep details of the claim in your files just in case.

Paul Coleman

Re: Insurance claim,tax deductable???
« Reply #3 on: March 08, 2011, 06:54:52 am »
Have got to pay claim on my insurance for flat roof damage (like wet cardboard ::))
anyway can  the excess fee go down against tax!!!! ???
thanks

I did offset my excess fee against tax when there was a claim against me in a car accident some years ago.  It was my van and I only use 85% of that for business so I offset £85 of the £100.  I ran it by my accountant and he was OK with it.