Can I claim?
Bank account and credit card charges are a frequent expense when running a business. You are entitled to claim total relief for these expenditures if the transactions are solely for business.
International transfers usually have extra bank charges that can be dealt in one of two ways:
When getting paid from abroad you can declare only the income from the transaction minus the bank charges.
Or, if you choose to declare the full amount with charges included, you can declare the net income and then deduct the expenditure in the expenses section of your tax your return.
You will find the "Bank Fees" category under "Financial and Insurance" expenses. We will ask you straightforward questions to take you painlessly through this part of your tax return.
Businesses increasingly have to operate beyond national borders in order to compete. This means that more business owners are faced with financial transactions where charges are incurred for international transfers. These cross-border transfers usually have extra bank charges.
Clear as mud? Not to worry, this made our eyes glaze over the first time we tried to get to grips with it too. That is why our users turn to us to help work out what are eligible expenses where complex bank charges and international financial transactions are involved. Our system simplifies the process of working out eligible costs for freelancers and the self-employed doing business abroad.
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