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
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