Card Payment Machines provide a fast, safe and easy way to accept payments.
However, many come with a variety of charges, usually in the form of monthly contracts, or % fees against transactions.
- You can claim the full amount of the monthly rental, and any charges which are incurred when using this solely for your business.
- Keep a copy of all invoices / emails / charges which are incurred so that you have these available for your tax return.
- These are logged as expenses.
Example:
Darren has a card machine which charges a monthly rental of £10 and charges 2.5% on each transaction made
Darren can claim the full amount of the monthly rental (£10 per month x 12 months = £120) and the transaction charges (2.5% against each payment made).
These are classed as expenses.
Examples of EFT Machines:
- Barclaycard
- iZettle
- PayPal Here
- Square Register
- Worldpay