Six Expenses to Remember to Tell your Accountant About

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(if they aren’t obvious).

Please see a quick list of expenses to remember which can qualify as a tax deductible. If you have incurred the expenses in your personal capacity, then still let us know about these expenses. If you have the invoice, we can still include it.

Day to day business expenses for example but not limited to:

  • Accounting and bookkeeping costs

  • Internet and telephone costs

  • All insurance costs relating to running your business

  • Subscriptions and licences

  • Maintenance and repairs of business equipment or the office

  • Motor vehicle costs: Maintenance, repairs and licences (costs should be allocated between personal and business usage based on mileage recorded in a logbook)

  • Printing and stationery including graphic design costs

  • Delivery and freight costs

  • Depreciation or wear and tear. For business assets that lose value while in use by a business, e.g., computers

  • Entertainment: Normally food and beverages paid for by the business to entertain people important to the business, such as customers and suppliers

  • Electricity and water: Costs associated with the business’s premises and the equipment use

  • Rent or rates and taxes: For leasing your business’s premises

  • Rent: For any leased equipment or signage used by the business

  • Security: Costs for security services such as alarm monitoring, armed response or armed guards

  • Subcontractors: Other parties that have provided services to your business related to products, services, or sales

  • Telephone and fax or communication: Fixed line and cell phone costs

Capital expenses incurred

Capital expenses are purchases of major physical goods or services intended to be used long-term by your business.

Education or training expenses

If you invest in education for yourself or your staff that directly relates to operating your business, you can deduct the cost as a business expenses

Entertainment expenses

All expenses incurred while entertaining clients are tax deductible. This includes drinks, meals, live entertainment and venue hire. However, you must be able to prove to SARS that the expenses were incurred in pursuit of business.

Start-up costs incurred

These are expenses relating to your business that were incurred before your first year of trade. For example, if you purchased equipment for the purpose of running your business three months before starting to trade, you could claim it as a tax-deductible business expense.

Travel

If you used your personal car for business purposes, remember to keep a travel logbook and include the business travel. Refer to our website for a travel logbook template