Can I Deduct a Proportion of the Costs of Holiday from my Business Profits?

Subject to any travel restrictions, I will be taking a holiday with my family in February. As I have a number of consultancy clients relatively near to where we are staying, I’ve decided to extend the trip by three days so I can go and meet them to discuss some business-related matters. Can I deduct a proportion of the costs of the holiday from my business profits?

In practice the main purpose of your trip is for private rather than business reasons, so there will be no relief available for the cost of the holiday. However, any additional costs that can be easily identified and separated, e.g. travel costs from your location to visit your clients, can be deducted. Just ensure you segregate these out carefully in case you’re asked to produce evidence later on.

 

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