Insurance policies are often a significant expense, but fortunately they are generally tax deductible.
1. YEL insurance (Most important)
This is a fully deductible expense. Since YEL is personal insurance, you can deduct it either in your company's accounting or on your personal tax return. We will record it as a company expense by default, as long as we have the information. If you have YEL insurance through us, the information is automatically transferred from us to your tax return. If you manage your YEL insurance payments yourself, add the invoices to your accounting via the receipt scanner.
2. Other business insurance policies
These are deductible if they have been taken out in the name of the company:
- Liability insurance: Covers you if you damage a customer's property.
- Legal expenses insurance: Helps with legal costs.
- Accident insurance: For accidents at work.
- Property insurance: Work machines and equipment.
What is not acceptable?
Personal insurance policies, such as home insurance or private health insurance (with certain exceptions), are not generally deductible expenses for a company.