Claiming Expenses

How to claim expenses

Whether you’re a contractor, sole trader or running a business, you claim your business expenses annually in your tax return. Deduct expenses from what you’ve earned from your business during the year.

To claim an expense, you must have a record of that expense, eg 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 expenses. When you file your tax return, you’ll either copy your income and expenses into your financial statements summary (IR10), or send Inland Revenue a summary of your accounts.

Using an accountant or bookkeeper, or accounting software can help you do your annual return correctly and claim the right expenses.

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