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Transitioning my Vocations, the Tax Implications?

  • 05-09-2016 10:10AM
    #1
    Registered Users, Registered Users 2 Posts: 47


    Hello

    I'm self employed.

    I worked on two projects within the financial year of 2015.

    Project A generated a Sales Revenue of €10,000.
    Project B generated a Sales Revenue of €0.

    Project B is unfinished and will make money in 2016.

    Project A and Project B are very different. For the sake of the illustration, Project A is being a plumber and Project B is being a photographer.

    Project B incurred costs of €5000. Mainly to purchase new equipment.

    Can I legitimately claim/offset this €5000 worth of purchases despite Project B making no money?

    From my point of view I had sales of €10,000 but purchases of €5000.
    Will the tax office see it this way too?

    Any clarification is appreciated.

    Cheers
    Tagged:


Comments

  • Registered Users, Registered Users 2 Posts: 2,671 ✭✭✭exaisle


    With all due respect, you should go and engage an accountant to deal with this.


  • Registered Users, Registered Users 2 Posts: 401 ✭✭Lockedout2


    I agree contact an accountant.

    You have to separate trades but the purchase of equipment is not a deductible expense in either.


  • Registered Users, Registered Users 2 Posts: 47 TommyMacca


    @Lockedout2 Thanks for replying.

    So I need to submit two separate sets of accounts, one for each trade?

    I thought if I purchase a piece of equipment I could write it off over a reasonable period of time? e.g. a laser printer over say 4 years etc.


  • Registered Users, Registered Users 2 Posts: 14,595 ✭✭✭✭CIARAN_BOYLE


    TommyMacca wrote: »
    @Lockedout2 Thanks for replying.

    So I need to submit two separate sets of accounts, one for each trade?

    I thought if I purchase a piece of equipment I could write it off over a reasonable period of time? e.g. a laser printer over say 4 years etc.

    capital allowances is fixed at 8 years.


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