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Business Expenses

  • 05-10-2012 4:18pm
    #1
    Registered Users, Registered Users 2 Posts: 17


    Hi,

    I hope I'm posting this in the right place, if not apologies in advance.

    I have just set up a limited company. There are of course the minimum 2 directors but it is solely my company ie I am the only employee.

    As I do not know a great deal about taxation I was wondering what are the typical business expenses which can be claimed for?

    I know that I can claim for fuel, broadband, phone but can I claim back the full amount for lunches or fees which I pay to further my education?

    What are the rules on entertaining clients or if I take a trip to the UK to go to a business expo or function?

    I presume I can claim VAT on all of the above but what about claiming the full amounts back against the profits of the company?

    I know you're probably thinking I need an accountant, I have one but just wanted to get a clear picture in my head before I meet him!

    Thanks in advance for any replies.


Comments

  • Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Not a taxation professional accounting student two weeks into his first tax module so don't take this as gospel
    but can I claim back the full amount for lunches
    the business could claim back for lunches but you personally would have to pay tax on them as a BIK
    or fees which I pay to further my education?
    You can claim I think
    What are the rules on entertaining clients
    Definitely not
    or if I take a trip to the UK to go to a business expo or function?
    Possibly, you may have to prove that it is wholly for business purposes


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