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Motor vehicles running expenses allowable or disallowable ?
Mary Goret
Apr 2
Motor vehicles running expenses allowable or disallowable ?
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Apr 2
Motor vehicles running expenses can be allowable or disallowable depending on the specific circumstances and the nature of the expenses.
Allowable motor vehicle running expenses may include costs such as fuel, maintenance and repairs, insurance, registration fees, and depreciation. These expenses are typically deductible for tax purposes if they are incurred in the course of running a business or for work-related purposes.
On the other hand, disallowable motor vehicle running expenses may include fines or penalties for traffic violations, personal use of the vehicle, or expenses related to commuting to and from work. These expenses are generally not deductible for tax purposes.
It is important to keep detailed records of motor vehicle expenses and consult with a tax professional to determine which expenses are allowable and which are disallowable for tax purposes.
Allowable motor vehicle running expenses may include costs such as fuel, maintenance and repairs, insurance, registration fees, and depreciation. These expenses are typically deductible for tax purposes if they are incurred in the course of running a business or for work-related purposes.
On the other hand, disallowable motor vehicle running expenses may include fines or penalties for traffic violations, personal use of the vehicle, or expenses related to commuting to and from work. These expenses are generally not deductible for tax purposes.
It is important to keep detailed records of motor vehicle expenses and consult with a tax professional to determine which expenses are allowable and which are disallowable for tax purposes.
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