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

« **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.

« **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.

« **Reply #3 on:** March 08, 2011, 06:54:52 am »

Quote from: L.J.Thorpe 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

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.

L.J.Thorpe

Insurance claim,tax deductable???

H S and Son

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Re: Insurance claim,tax deductable???

Paul Coleman

Re: Insurance claim,tax deductable???