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Offset Business Expenses Against PAYE Income

  • 22-03-2016 11:14pm
    #1
    Dub_Steve
    Banned (with Prison Access) Posts: 82 ✭✭


    Hi

    I called the revenue and they told me it is possible to register as being self-employed and offset my business expenses against my PAYE income.

    However, an accountant I spoke to said in most circumstances this is not possible.

    Can anyone clarify??


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Dub_Steve wrote: »
    Hi

    I called the revenue and they told me it is possible to register as being self-employed and offset my business expenses against my PAYE income.

    However, an accountant I spoke to said in most circumstances this is not possible.

    Can anyone clarify??

    What business expenses? Are you actually self employed as well as having PAYE income?

    If you are self employed, you should have both income and expenses incurred wholly and exclusively in generating that income. When you deduct the expenses you should normally have a profit (why would you be doing it otherwise, maybe it's just a hobby).

    If you do make a loss after deducting allowable expenses then you can elect to have the loss set against other income (ie PAYE income).


  • #3
    Dub_Steve
    Banned (with Prison Access) Posts: 82 ✭✭Dub_Steve


    Hey

    Thanks for this. I'm working full time (PAYE) and starting my own business. I would have expenses such as web development and advertising. Unlikely to generate a profit in the first year, I wanted to offset the losses against my PAYE income.


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