Robin Lamb | Published 12 December 2022 | Updated 2 February 2023
Vehicle Expenses
Trade professionals are often required to drive from one place to another for their job, so it’s not surprising that the most common tax deductions are vehicle expenses. These include items like fuel, registration and insurance, car loan interest, repairs and maintenance costs and depreciation for work-related vehicles.
Advertising & Business Promotion
Businesses must pay for advertising or promotion to attract customers and also keep their current customer base well informed of the services they have to offer. Trade professionals can claim any costs associated with creating an advertisement as a deduction on their next tax return. This includes anything from pay per click advertising (Google Ads), newspaper ads, radio ads and even website fees.
Equipment & Supplies
Tools and equipment are a large part of being a tradesperson, as many jobs require tools in order to complete them correctly. Therefore, trade professionals can claim the cost of all tools they purchased throughout the year as deductions on their taxes, including consumables such as screws or drill bits used during a job that you are unable to resell after completion.
Uniforms & Protective Gear
Protective clothing is necessary for anyone working in a professional trade field due to potential hazards you may come across whilst completing your duties at work - such as steel-toed boots for construction workers or safety glasses for electricians as examples of this protective gear. Any clothing item purchased through the year specifically for your job that does not have any everyday use can be claimed back on your taxes in the form of an expense deduction.
Education Expenses
Most tradespeople need some sort of education additionally from learning the basics from someone more experienced in the field - ie attending industry conferences or enrolling in online courses related to their profession counts here too! If you’re undertaking professional development then this may be deductible when submitting your next tax return.
Home Office Expenses
If space is dedicated solely towards your business activities then you may be eligible to claim these expenses at tax time - these might include electricity bills (required to power computers/lighting etc), insurance premiums connected with that space or even internet usage if needed for work purposes only!
Insurance Premiums
Being a tradesperson means insurance policies make up important parts of running our business - so any insurance premiums paid throughout the course of the year including public liability cover, professional indemnity, workers compensation policy cover or other specialised insurance related items maybe claimable at tax time.