Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Sole trader - purchase over year end

  • 30-09-2014 5:33pm
    #1
    nordydan
    Registered Users, Registered Users 2 Posts: 1,108 ✭✭✭


    Hi,

    I have a quick a question, which I hope someone can answer.

    I have a full time PAYE job, and I also do some work on the side as a sole trader (IT) - normally only a few thousand euro a year.
    I have a dedicated bank account/visa debit for sole trader activities.

    At the end of 2013 I had a "few grand" left over so over the Xmas period I bought some software for development purposes. However the amount was not debited until January 3rd. I have a receipt of the order being placed at the end of December.

    Does that mean that for 2013 I am liable to pay tax/PRSI etc. for the full "few grand" or the "few grand" minus this expense?

    Many thanks,

    Dan


Comments

  • #2
    Gard1
    Registered Users, Registered Users 2 Posts: 90 ✭✭Gard1


    nordydan wrote: »
    Hi,

    I have a quick a question, which I hope someone can answer.

    I have a full time PAYE job, and I also do some work on the side as a sole trader (IT) - normally only a few thousand euro a year.
    I have a dedicated bank account/visa debit for sole trader activities.

    At the end of 2013 I had a "few grand" left over so over the Xmas period I bought some software for development purposes. However the amount was not debited until January 3rd. I have a receipt of the order being placed at the end of December.

    Does that mean that for 2013 I am liable to pay tax/PRSI etc. for the full "few grand" or the "few grand" minus this expense?

    Many thanks,

    Dan

    Hi Dan

    If you got the invoice for the software dated in 2013 then you can claim relief against your taxes. However depending on the value of the software, it may be more appropriate to capitalise the software and write it off over 8 years


Advertisement