Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Hackney Business: Qs. Re. Legit. Expenses, VAT, & Tax Returns

  • 20-05-2007 8:07pm
    #1
    TommyK
    Registered Users, Registered Users 2 Posts: 199 ✭✭


    Hello:

    I’m doing a bit of research on a potential hackney business and was wondering if anyone could shed some light on the following:

    1. If a vehicle was used as both a hackney and a personal vehicle, would that personal use discount the possibility of claiming depreciation, fuel, and insurance as business expenses? If not, how might it be looked at? And, for that matter, how might it work? (i.e. a certain percentage of total costs, something along the lines of the civil service mileage rate (for fuel costs), or something else entirely?)

    2. How is VAT dealt with in this scenario? Hackneys must agree a price with a customer before the journey commences… would you include VAT in that price without mentioning it to the customer? What happens if you believe you will be under the VAT threshold but, at the end of the year, find you’re a bit over… bye bye profits?

    3. What kind of tax returns are made for someone who is both a PAYE worker and self-employed? Do you simply declare your self-employed income as extra income on a PAYE return?

    Thanks for any advice,
    Tom.


Advertisement