Sundry expenses when caluctaling expenses for tax

Benedict XVI

Hi,
Not sure if this is the right forum so mods please remove if appropriate

I am a IT contractor and currently finalizing my 2006 tax for submitting on ros later today.

An accountant once told me that I can put down 'sundry expenses' when calculating my expenses she said that I put down a certain amount per month in subndry expense without have to show receipts.

Is this correct, and what is the monthly max. I can claim in sundry expenses ?

Thanks

Mr. Incognito

genrally everything has to receipted in case of Audit. Sometimes sundry is used as a representation for a lot of little expenses but I've never heard of anyone (legally) inventing an amount to throw in willy-nilly in your accounts. In addition all expenses deductible for tax purposes have to be incurred "wholly and exclusively" for trade purposes. Any personal use is not deductible

ircoha

SetantaL wrote: »

genrally everything has to receipted in case of Audit. Sometimes sundry is used as a representation for a lot of little expenses but I've never heard of anyone (legally) inventing an amount to throw in willy-nilly in your accounts. In addition all expenses deductible for tax purposes have to be incurred "wholly and exclusively" for trade purposes. Any personal use is not deductible

I concur with the above.
Is there something about daily subsistence allowances at approved amounts that don't have to be receipted but you need to be able to prove the reason for claiming them?

Mr. Incognito

If you employ persons to work off site or on assignment there are accepted subsistance rates on the Revenue website but once again you'd have to show documentation for employees that you are paying these subsistance rates to.

As you are self employed this isn't applicable.