Newbie Sole Trader Expenses

Ninja2k

Hi,

I am thinking about starting my own business but I am unclear on a few things. I was wondering if someone could help me clear them up?

1. It is said I can claim for expenses, I understand that when I work for a company I can claim expenses but what does this mean when I work for myself? am I claiming expenses from the government? am I claiming the full cost or only part cost back?

2. I will work from home and plan to use about 40% of all electric and 20% of heating to power my machine shop, can that be claimed back too? Do I need an itemised bill or additional meter?

3. I need to buy clothing, is there a specific set of clothing that is only allowed e.g. machine shop overalls that is covered through expenses or can I wear jeans and a shirt as my work clothing?

Anything other expense advice please do not hesitate to offer.

srsly78

Accountant will explain all of this to you.

Posters are not allowed to give any other advice on this forum.

Ninja2k

Is there a board I can get these questioned answered on if they are not allowed in Taxation questions?

srsly78

Not on boards.ie. They don't allow it for legal reasons.

Advice from random people off the internet is no good - you need to talk to a professional about this stuff. You should be able to get an accountant for e500/year (assuming simple sole trader accounts). Accountant will advise you about expenses, and also the various returns and VAT if needed.