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We clarify which expenses are deductible and which are not.
What are deductible expenses?
Deductible expenses are those that can be assigned to the company, that is, paid by the company and deducted as a business expense. Thanks to the innovative Estonian tax system, these expenses are exempt from taxes. They are considered money that you are reinvesting in the company. Basically, it is any expense related to your activity that does not imply that you have a permanent establishment in another country, to avoid considering your company a tax resident there. Let's see some exa
What expenses are NOT deductible?
Here are some examples of expenses that are not considered deductible: Fuel, and car trips within the same country. Travel between countries to visit clients is deductible, but to prevent you from using your car for personal use, fuel expenses within your country are excluded. However, public transportation is always deductible. Food, meals, lunch expenses. Vacations and pleasure trips, obviously. And also be careful if you decide to “visit a client” from December 24 to 26,
Can I claim travel expenses for business trips?
Yes, we have the requirements to declare the expenses of flight tickets and accommodation. Flight tickets Ideally, you should send us at least the PDF document with the ticket payment confirmation that the airline sends you after purchase, including the price, and if possible, you should get an invoice** in the name of the airline. business**. Some airlines allow it, others do not. If you can't get an invoice from your company for the flight tickets, that's okay. Recently, the Tax Of
How do I declare out-of-pocket expenses?
Log in to Companio and go to your purchase invoices. If you haven't done so already, upload the purchase invoice. Then just click the "Out of Pocket" button for that entry in the expense table.
Is AirBnB a deductible expense?
Yes, it is, as long as your accommodation is useful for the company's objectives or is necessary for your activity. This includes travel to attend conferences or meet with your startup team to work on a project. You have to keep three things in mind: The maximum time to be able to declare an accommodation in AirBnB (or any other place) outside of Estonia as a deductible expense is 6 months per year. This is because if you have been in that accommodation for more than 6 months, so it would