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With regards to PPI repayments and fees charged by claims companies
why-wait
Posts: 5 Forumite
Having received a couple of PPI repayments I have paid 20% + vat to the claims companies and I'm quite happy with that. As I'm self employed I'm trying to find out / understand if the fees I've been charged are / can be classed as business expenses, and therfore I can deduct them from my profits. As the interest on the refund is classed as income, and hence taxable, one would hope that the charges are deductible. Can anyone clarify the position for me please. Thank you in advance!
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Comments
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It’s unlikely as it’s a personal expense as PPI wasn’t sold on business accounts so I’d be very surprised if you were able to get away with it.
happy with paying 24% of redress for stamps? Grim.helpful tips
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)3 -
PPI is a personal expense. Not a business expense. So, any refund of premiums and associated interest would be applied personally. Your accountant should not allow it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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