Work on the side - Form 11

Shurwhynot

My friend has got an extra income on the side(bookkeeping) where she earned approximately 9k in 2014, paid directly into her bank account. She put through approx 2,700 in misc travel expenses etc and came up with a net profit of just over €6k, which she has declared in her Form 11.

My question is, is there anything additional she could be claiming for against her trading income to get the profit down? She has put through mostly travel costs and the odd phone/repair cost etc. Is there anything glaringly obvious that she's missing? She forgot to claim health expenses, so will be doing that, but if she was to submit different trading figures in an amended form 11, would she be an obvious choice for an audit?

gerrybbadd

Shurwhynot wrote: »

My friend has got an extra income on the side(bookkeeping) where she earned approximately 9k in 2014, paid directly into her bank account. She put through approx 2,700 in misc travel expenses etc and came up with a net profit of just over €6k, which she has declared in her Form 11.

My question is, is there anything additional she could be claiming for against her trading income to get the profit down? She has put through mostly travel costs and the odd phone/repair cost etc. Is there anything glaringly obvious that she's missing? She forgot to claim health expenses, so will be doing that, but if she was to submit different trading figures in an amended form 11, would she be an obvious choice for an audit?

You can make up to 3 amendments, no hassle.

What expenses has she incurred that are related directly to the performance of the business? Advertising? Stationary? Has she bought any additional equipment, software etc? Think of expenses directly relating to the business - that's what's allowable

Shurwhynot

Can she claim capital allowances for her car? She drives to businesses to do bookkeeping basically. How would she go about calculating that? Can she also claim capital allowances if she bought a computer/laptop or uses an existing laptop?

She has a lot of expenses put in, but I can see some omissions already, like she hasn't claimed a proportion of her motor insurance/tax.

Shurwhynot

She also mentioned that she paid an accountant friend a couple hundred quid cash each year to help her put her info together - can she claim that against her profit?

Tell me how

Shurwhynot wrote: »

She also mentioned that she paid an accountant friend a couple hundred quid cash each year to help her put her info together - can she claim that against her profit?

If she was invoiced for the sum, paid it and can produce a receipt then she could I expect.

Shurwhynot

Can anyone help me out regarding the capital allowances query?

CIARAN_BOYLE

Shurwhynot wrote: »

Can anyone help me out regarding the capital allowances query?

maybe she should ask her accountant friend.

Shurwhynot

CIARAN_BOYLE wrote: »

maybe she should ask her accountant friend.

Works in industry, doesn't have any exposure to income tax as such bar the basics