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01 April 2025
By ITM
To help reduce your tax bill, you can offset many of your business w88 online sports betting against your business income. You'll need to keep good records and hold on to your receipts.
What are w88 online sports betting?
w88 online sports betting are the costs you incur in the day-to-day running of your business. At tax time, your total profit (the amount you need to pay tax on) is your taxable income minus the w88 online sports betting you can claim — so the more you can claim, the less tax you have to pay.
Business w88 online sports betting are:
w88 online sports betting over time.
GST
If you're registered for GST, your income tax return will exclude GST on your income and w88 online sports betting — GST is accounted for in your GST return.
If you're not registered for GST, your income tax return will include GST on your w88 online sports betting only.
What you can claim for
Business w88 online sports betting can include:
It's easy to let filing and paperwork slip. But keeping good records makes it much easier to do your tax return — and will save you time in the long run.
You must keep your tax records for seven years. These must be in English unless you get approval from Inland Revenue to use another language.
What are w88 online sports betting?
w88 online sports betting are the costs you incur in the day-to-day running of your business. At tax time, your total profit (the amount you need to pay tax on) is your taxable income minus the w88 online sports betting you can claim — so the more you can claim, the less tax you have to pay.
Business w88 online sports betting are:
- Day-to-day revenue w88 online sports betting for running your business, e.g. advertising or wages.
- Assets you buy, e.g. machinery, computers or tools, which are called capital w88 online sports betting. Note: items that cost 00 or more must usually be depreciated.
w88 online sports betting over time.
GST
If you're registered for GST, your income tax return will exclude GST on your income and w88 online sports betting — GST is accounted for in your GST return.
If you're not registered for GST, your income tax return will include GST on your w88 online sports betting only.
What you can claim for
Business w88 online sports betting can include:
- vehicle w88 online sports betting, transport costs and travel for
- business purposes
- rent paid on business premises
- depreciation on items like computers and office
- furniture
- interest on borrowing money for the business
- some insurance premiums
- work-related journals and magazines
- membership of professional associations
- home office w88 online sports betting
- work-related mobile phones and phone bills
- stationery
- work uniforms
- tax agent's fees.
How much can you claim?
You can't claim the whole cost of all items, even those only for business use. Some things you can only claim half of, e.g. some entertainment w88 online sports betting. You can only claim 100% of the cost for an expense that's entirely for business use.
If you have an expense that's partly for your business and partly for your private use, you can claim the proportion that relates to your business.
For some w88 online sports betting, like business entertainment,
e.g. client meals and staff functions, you can only claim half.
Working from home
If you use an area of your home for your business, e.g. your study or garage, you can claim a portion of the household w88 online sports betting.
How to claim w88 online sports betting
Whether you're a contractor, sole trader or running a business, you claim your business w88 online sports betting annually in your tax return. Deduct w88 online sports betting from what you've earned from your business during the year.
To claim an expense, you must have a record of that expense, e.g. a receipt, or Inland Revenue may not allow the expense to be claimed.
At the end of the year your business accounts will need to be completed, totalling up all your income and w88 online sports betting. When you file your tax return, you'll either copy your income and w88 online sports betting into your financial statements summary (IR10) or send Inland Revenue a summary of your accounts.
An accountant, bookkeeper, or accounting software can help you correct your annual return and claim the correct w88 online sports betting.
Keeping recordsYou can't claim the whole cost of all items, even those only for business use. Some things you can only claim half of, e.g. some entertainment w88 online sports betting. You can only claim 100% of the cost for an expense that's entirely for business use.
If you have an expense that's partly for your business and partly for your private use, you can claim the proportion that relates to your business.
For some w88 online sports betting, like business entertainment,
e.g. client meals and staff functions, you can only claim half.
Working from home
If you use an area of your home for your business, e.g. your study or garage, you can claim a portion of the household w88 online sports betting.
How to claim w88 online sports betting
Whether you're a contractor, sole trader or running a business, you claim your business w88 online sports betting annually in your tax return. Deduct w88 online sports betting from what you've earned from your business during the year.
To claim an expense, you must have a record of that expense, e.g. a receipt, or Inland Revenue may not allow the expense to be claimed.
At the end of the year your business accounts will need to be completed, totalling up all your income and w88 online sports betting. When you file your tax return, you'll either copy your income and w88 online sports betting into your financial statements summary (IR10) or send Inland Revenue a summary of your accounts.
An accountant, bookkeeper, or accounting software can help you correct your annual return and claim the correct w88 online sports betting.
It's easy to let filing and paperwork slip. But keeping good records makes it much easier to do your tax return — and will save you time in the long run.
You must keep your tax records for seven years. These must be in English unless you get approval from Inland Revenue to use another language.