Claiming expenses in Sterling against income in Republic (self employed)

eddie73

Can you claim back expenses on goods purchased in Northern Ireland against your taxable income in the republic if you are self employed? Lets assume that the goods are directly related to your job to save anyone commenting on this. Thanks.

gerrybbadd

eddie73 wrote: »

Can you claim back expenses on goods purchased in Northern Ireland against your taxable income in the republic if you are self employed? Lets assume that the goods are directly related to your job to save anyone commenting on this. Thanks.

Yes.

Convert the sterling to euro, and add to your expenses

wally1990

Yes
The rate of exchange used should be that on the date the expense was incurred and not the present day value

eddie73

Would it be equally possible to claim from the uk mainland as well as NI?

relax carry on

eddie73 wrote: »

Would it be equally possible to claim from the uk mainland as well as NI?

Any expense "wholly, exclusively and necessarily" related to the business. Use the exchange rate applicable when expense was incurred. The central bank has the historic exchange rates. All expenses incurred must have the back up documents available for inspection for 6 years, eg bank account paid out of, invoice etc.

K.Flyer

wally1990 wrote: »

Yes
The rate of exchange used should be that on the date the expense was incurred and not the present day value

Would one not use the euro value shown on the Irish bank statement, presuming an Irish credit / debit card / bank transfer was used for the transaction.