Expenses?

moggie4000

Hi Guys,

I have just started up my own business in the last couple of months, what i wanted to find out is, can i put a part-time college course that i am currently doing, down as an expense?

Might be a silly question, but just want to make sure.

Cheers

Moggie

ari101

I would assume if the course is unrelated to business it would definitely be a no no - and if you paid it through the business it would have to be treated as drawings.

However staff training costs do exist, so if the course specifically relates to the business their might be a an argument for including it; if it was for a member of staff of the business you would include it so why not if it's for you personally?

Cant say this is correct though - it is just how I would treat it! :-)

Bigcheeze

It's more of a tax question than an accountancy question.

"Wholly and exclusively for the purposes of the trade" is an expression you'll hear over and over again in the context of Irish tax.

e.g. if you've set up a plumbing business and the course is on methods of plumbing that allows you to improve your business, it's probably allowable as a deduction for tax.

ted2767

Firstly go talk to you accountant/tax consultant they'll know the business better than anyone on a website forum.
In the main only expenses wholly and exclusively incurred in the course of a trade are allowable e.g. if you're a builder and its about insulating houses fine, if its about fine wine then forget about it not allowable.

moggie4000

Thank you all for your response, i think you're right, i'll have a chat with my accountant and see what he thinks.

Moggie

EveT

if its a certain type of course you may be able to claim income tax relief on it.

http://www.revenue.ie/en/tax/it/leaflets/it31.html