The suits are actually classed as part of your “everyday” wardrobe and are therefore not deductible expenditure for tax purposes. This is the case regardless of whether particular standards of dress are required for your business. It is also irrelevant whether you actually wear the suits on non-business ocassions- the only question is whether the clothing would hypothetically be suitable for every day use.
Conversely, the cost of clothing that is not part of an ‘everyday' wardrobe, such as protective clothing and uniforms is generally deductible against your business income for tax purposes.
If you would like to discuss this in more detail, please do not hesitate to contact your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.