Question about claiming back business expenses.

ByronB

Hi if anyone knows, can you tell explain which numbers below qualify (if any) as a business expense that someone can claim back on.

1. Short Course, one day courses or ones that are spread out over a few weeks that are in relation to the business you are doing.

2. New laptop and applicable software for the business.

3. Driving somewhere to buy something for the business.

4. Paying subscriptions online. For example you have to sign up to an online directory or website for finding things business related where there is a reoccurring monthly fee.

5. Educational meetings. You need to find out how to do something in an area of your business so you consult a professional and agree to meet with them for 1-2 hour(s) at the cost they charge.

6. Stress pills for dealing with the business (just kidding ) I use green tea


When something is considered a business expense, what percentage of the cost do you get back, or does it vary.

At what point does one seek to claim back these expenses, straight away or at the end of the year?

Thanks for any relies.

Bobby1984

http://www.revenue.ie/en/business/running/allowable-expenses.html

See link for allowable expenses. The must be wholly and exclusively for the business in order to be allowable.

Based on the information you give, my opinions would be as follows:
1. Allowable - staff training
2. Allowable but this is a capital item rather than an expense
3. Allowable - motor & travel - however driving from your home to place of business is not allowable
4. Allowable (probably) - your description is a bit vague
5. Allowable - professional fees
6. Not allowable - sorry

In relation to the next part of your query, most expenses are either wholly and exclusivley for the business or not. Some expenses such as your home ESB bill may be split if you use it as an office. Telephone expenses may also be split. You need to estimate how much of the cost is business related vs how much is private and then argue the case with Revenue if you have an audit.

ByronB

Bobby1984 wrote: »

http://www.revenue.ie/en/business/running/allowable-expenses.html

See link for allowable expenses. The must be wholly and exclusively for the business in order to be allowable.

Based on the information you give, my opinions would be as follows:
1. Allowable - staff training
2. Allowable but this is a capital item rather than an expense
3. Allowable - motor & travel - however driving from your home to place of business is not allowable
4. Allowable (probably) - your description is a bit vague
5. Allowable - professional fees
6. Not allowable - sorry

In relation to the next part of your query, most expenses are either wholly and exclusivley for the business or not. Some expenses such as your home ESB bill may be split if you use it as an office. Telephone expenses may also be split. You need to estimate how much of the cost is business related vs how much is private and then argue the case with Revenue if you have an audit.

Very informative, are there different methods of claiming back expenses or just a standard way.

Do you have to be registered for VAT?