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Question re writing off expenses

  • 30-07-2011 5:14am
    #1
    AnonMous
    Closed Accounts Posts: 91 ✭✭


    Hi folks,

    I have a quick question for those of you who are wise to the accountancy world.

    I am going to be operating as a sole trader, starting in 2 weeks time. The nature of the business will have me on the road a lot, calling to clients etc.

    I'm thinking of upgrading my car and i'm wondering if I do that, will I be able to write the price of the car off as a business expense seeing as it will be used for the business?

    Thanks in advance for your help.

    Anon


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Unlikely all, some yes. re the "some" see an accountant for the specifics.


  • #3
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    (a)If you use your car for both business and private use, the most you will be allowed against tax is two-thirds of the outlays. so that is the first thing to keep in mind.

    (b)In relation to the purchase price of the car , which is a capital investment by you, you can claim a capital allowance of 12 and a half percent per annum for this (but see (a)).

    (c) you can read this stuff on www.revenue.ie as it may change from time to time.


  • #4
    Valerie Josephine
    Closed Accounts Posts: 2 ✭Valerie Josephine


    Hi I hope you don't mind me butting in here but I have a question in the same area.
    What is the best way to purchase a van for a (sole trader, self employed) business......
    hire purchase or get a bank loan? If a bank loan how do you record this ?

    Val


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