Advice regarding first time sole trader

One More Toy

Hello

Thank you for your advice in previous posts it was very helpful!

I have scoured the revenue website and Google for a good primer on the requirements for being a sole trader

There is very little information out there, just wondering could anyone recommend any resources such as a book perhaps?

Many thanks!

Penguin3029

One More Toy wrote: »

Hello

Thank you for your advice in previous posts it was very helpful!

I have scoured the revenue website and Google for a good primer on the requirements for being a sole trader

There is very little information out there, just wondering could anyone recommend any resources such as a book perhaps?

Many thanks!

Hi,

Is there anything in particular you'd like to know?

Revenue website has a lot of information, but just depends what you're looking for. A good starting point might be http://www.revenue.ie/en/tax/it/leaflets/it10.html

If I can help with a precise question, let me know.

One More Toy

Penguin3029 wrote: »

Hi,

Is there anything in particular you'd like to know?

Revenue website has a lot of information, but just depends what you're looking for. A good starting point might be http://www.revenue.ie/en/tax/it/leaflets/it10.html

If I can help with a precise question, let me know.

Thank you penguin - I will probably end up owing you a few Pints!

Milage for business purposes - how is that calculated?

Penguin3029

One More Toy wrote: »

Thank you penguin - I will probably end up owing you a few Pints!

Milage for business purposes - how is that calculated?

As a sole trader, you add up all the motoring expenses (petrol or diesel/repairs/servicing/any other motor cost). Assuming you use your car wholly for business purpose, you would get a deduction for that total expense when calculating your income for tax purposes.

More realistically, you'll use the car for both business and personal use. That's fine, so along as you apportion the costs. So if we assume 80% of the use is business, you can deduct 80% of the total motor expenses.

Remember to keep all receipts and invoices for 6 years. Might be worth scanning and keeping in a dedicated folder.

Steve

Where are you based?

Local enterprise offices have great and frequent courses on this.

amtc

Where I live, the Local Employment Centre does 3 day courses on this for a nominal payment of 5 euro.

seankb

Just a heads up on motor expenses you can't claim motor expenses from home to a job unless your home is considered your normal place of work.

One More Toy

amtc wrote: »

Where I live, the Local Employment Centre does 3 day courses on this for a nominal payment of 5 euro.

Wonder do they do them as night courses... couldnt fit in a day one with a 9-5 unfortunately, will give them an email and see


Thanks again for the info lads! Im an accountant myself but trained in audit, so my tax skills are rusty and im probably a couple of years behind!