Are bank fees tax-deductible in the UK?

Yes, bank charges, card processing fees, and payment gateway costs incurred for business purposes are generally allowable expenses. This includes monthly account fees, transaction charges, and foreign exchange fees. Check with your accountant for any specific situations.

Can Snyp process Stripe or PayPal fee invoices?

Yes. Stripe, PayPal, and other payment processors send monthly invoices or fee summaries. Forward these to Snyp by email and it extracts the total fees, period, and any applicable taxes.

Is there VAT on bank fees?

Most banking and financial services in the UK are exempt from VAT, which means there is no VAT to reclaim on standard bank charges. However, some payment processing services may charge VAT. Snyp captures whatever tax information is on the invoice. Check with your accountant if you are unsure.

How do I capture bank fees that only appear on my bank statement?

If your bank does not send a separate invoice for fees, you can screenshot the relevant section of your bank statement and send it to Snyp via WhatsApp or photograph it. Snyp extracts the fee details from the statement image.

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Capture every bank charge and card fee so nothing slips through your accounts

Bank fees, card processing charges, foreign exchange fees, and payment gateway costs are easy to overlook. They appear on statements rather than as standalone invoices, and they often vary month to month. Missing them means your expense records are incomplete and your profit figures are wrong.

Capture bank fee notifications

Forward fee notification emails from your bank or payment processor to Snyp. It extracts the fee type, amount, and date automatically.

Process payment gateway invoices

Stripe, PayPal, GoCardless, and SumUp all send monthly invoices or fee statements. Snyp reads them and pulls out the total fees charged.

Track foreign exchange charges

International payments often carry FX fees. Snyp captures these charges from your bank's notifications so they are not lost in the noise.

Sync to Xero or QuickBooks

Bank fees are categorised correctly and synced to your accounting software, keeping your profit and loss statement accurate.

Common examples

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Monthly business bank account fee

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Stripe payment processing fees invoice

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PayPal transaction fees monthly summary

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Foreign exchange fee on an international transfer

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Card terminal rental charge from SumUp or Zettle

Tax tips

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Bank charges, overdraft fees, and card processing fees are allowable business expenses and can be deducted from your taxable profits. Make sure you have records (invoices or statements) to support the amounts claimed.

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Most UK bank charges are exempt from VAT, so there is no input VAT to reclaim. However, some fintech and payment processing services (like Stripe) may charge VAT on their fees. Check the invoice to see whether VAT has been applied and discuss with your accountant.

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Foreign exchange fees and international transfer charges are also allowable business expenses. If you make regular international payments, it is worth tracking these separately so you can see the true cost of overseas transactions.