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Starting a small Business

  • 04-02-2009 1:34pm
    #1
    Kell511
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi,
    I am thinking of starting a small business . I am going to register as a sole trader. Would any one know the answer to the following question-

    Can I claim the following as an expense of the business
    the fees paid for different courses - which I qualified from to run the small business.

    I have all ready checked if these courses are from revenue approved colleges and they are not.
    Thanks in advance
    K


Comments

  • #2
    lucky2b5
    Closed Accounts Posts: 12 ✭lucky2b5


    Hi,
    As far as I am aware you cant claim such expenses against income tax. The reason being any allowable expenses must be wholly and exclusively for the running of the operation. such courses would not be wholly and exclusively nor would they be deemed neccessary by revenue point of view for the running of your business. Another reason why you cannot claim for these is that you undertook these courses before the business was set up so they did not occur within the financial year of the business. However if you were to set up a business and then take courses directly related to the line of business either for yourself or an employee these would be allowable.
    Pity they were not revenue approved as you could have claimed some of the expense back at your standard rate of PAYE even if you didnt open a business. Best of luck!!


  • #3
    hebeegb
    Closed Accounts Posts: 21 ✭hebeegb


    not withstanding the previous post i think it all depends really, most likely on what the courses were for. If you could not have set up the business without doing the course then there may be a case for allowing a deduction, but it all depends really, typically if you commence a business revenue state that you can claim pre setup costs which were incurred in the three years previous and they will be taken as incurred on the day of commencement. SO things like an accountacy fee for business set up, or say you purchased a computer etc, can all be deductible, invaribaly you can claim expenditures for items that would not normally be allowable, you should read the revenue leaflet IT48, i have attached a link below and it will give you some help anyway


    www.revenue.ie/en/tax/it/leaflets/it48.pdf


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