Whether you're a contractor, sole trader or running a business, you claim your business expenses annually in your tax return.
Consumable items would be posted as a day-to-day running cost of your business, so they reduce its profit in the profit and loss account, thus to enable a tax deduction for your business. But you need to pay attention of the way you doing it.
If you are not sure with any item, please feel free to ask our tax experts.
If you have any questions related to Accounting and Tax, book a meeting with Brad, and let our experts keep your business healthy.
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