What can I offset against my tax ?

lucy2010

Ive just set up my own business. Everyone is throwing their tuppance worth in oh you can offset this against tax -oh thats tax deductable - oh make sure you claim this etc etc. Is there a listing anywhere which tells me what exactly is tax deductable ? I knwo its such a broad question but im trying to keep consulancy costs down as much as possible & dont want to have to pay an accountant for something if its readily available out there. Thansk so much in advance x
Jen

AndyJB

lucy2010 wrote: »

Ive just set up my own business. Everyone is throwing their tuppance worth in oh you can offset this against tax -oh thats tax deductable - oh make sure you claim this etc etc. Is there a listing anywhere which tells me what exactly is tax deductable ? I knwo its such a broad question but im trying to keep consulancy costs down as much as possible & dont want to have to pay an accountant for something if its readily available out there. Thansk so much in advance x
Jen

Evening,
Are you trading as a sole trader/self employed or via a limited co?

AJB

lucy2010

Soletrader:D

lucy2010

lucy2010 wrote: »

Soletrader:D

Take this the right way Lucy, but seriously if you are starting a business and you cant think where to find information on irish taxation, It might not be the best idea. You would want to sharpen up!
All you have to do is put the word TAX in google and the answer is there....

ssbob

lucy2010 wrote: »

Soletrader:D

Lucy, effectively you can claim anything that is wholly and exclusively for the purposes of business.

I would advise having a preliminary meeting(which costs nothing) with an accountant and let them give you a price, generally the more you do for them(ie. not handing them a box of receipts 2 days before the deadline) the cheaper the cost will be, it will save you money in the long run if this is going to be your full time job as from what I have read above you are not aware of capital allowances etc which can make the difference in paying no tax or alot of tax.

Can I ask what your projected turnover is likely to be and will it be a service or goods you are providing?

AndyJB

Hi Lucy,

Here's link to some Revenue info. SSBOB raised the valid point on potential turnover so here's a link to the Revenue VAT info.

As a self employed person you can write off any expenses directly linked to your trade/profession eg mobile, stationery, postage, ESB, phone and internet. Travel can also be claimed at the Revenue rate per mile/km for customer site visits, but only if you're not receiving milage expenses from client(s). Have a look at Travel Expense info for details.

Remember that your tax is paid 12 moths in arrears with a preliminary payment in advance, so make sure you set cash aside to settle the tax each year. Set up a savings account and transfer funds into it each month to cover tax, if you don't trust yourself to set money aside you can always drip feed money into the Revenue on account.

I use ms-excel to keep tax records and do my returns using the Revenue on-line site. It looks daunting at first but its actually quite easy.

Last bit of advise have a chat with an account and they'll guide you on actual info and allowances you can use.

Best of luck with your venture.

Regards
AJB