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Can I claim my newspaper subscription to ‘education, books, magazines’ at 100%? If not, what is the usual percentage?
Can I claim my newspaper subscription to ‘education, books, magazines’ at 100%? If not, what is the usual percentage?
You can indeed claim your newspaper subscription under 'education, books, magazines', but probably not to 100%.The percentage depends on how much you use the newspaper for professional purposes. To begin with, ask yourself the question: would you have taken out this newspaper subscription if you had not been self-employed? Not for financial reasons, but simply for its practical use as a self-employed person.
If the answer is 'no', then you can definitely conclude that it has a place in your accounts.
For most people, however, a newspaper subscription is for mixed use, partly professional (to keep up to date with your sector) and partly private. You therefore need to make an honest estimate of the professional use percentage.There are no legally established percentages; you estimate this yourself based on your actual usage. If I had to give a guideline, I would go for 50% private, 50% professional use percentage. As a rough estimate.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.