Tax-deductible cover for emergencies/gas/electric?

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    Tax-deductible cover for emergencies/gas/electric?

    I am very new to all this and have been looking at getting emergency cover for my property including repairs. Is is possible to offset this against tax or can I only claim back the excess if I use the insurance ?

    #2
    Yes, you can offset insurance against tax. I'm not sure I get the next bit but if you have to pay an excess yes, you can claim that but not the cost of the repair as the insurers are paying that (supposedly).

    Personally I would not do the insurance but look out for a good gas safe/plumber and an electrician and make sure your property is in good nick. Insurance will only cover accidental stuff and not a poorly maintained property. You could spend ages arguing with inurers over repairs if you don't make things sound to start with.



    Freedom at the point of zero............

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      #3
      Originally posted by ppitch999 View Post
      I am very new to all this and have been looking at getting emergency cover for my property including repairs. Is is possible to offset this against tax or can I only claim back the excess if I use the insurance ?
      Well, both can be offset against tax - they are business expenses, simple as that...
      Scenario 1: You don't pay insurance and after a flood, you get stuck with a £500 repair bill: the £500 bill is tax-deductable.
      Scenario 2: During your financial year you make 12 monthly payments of £20 insurance premiums; you claim on the policy to sort out the flood but have to pay a £100 excess: the total £340 paid is tax-deductable.

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        #4
        Thanks for the advise I will look around and see if it's worth getting any insurance.

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