Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

First time tax for own business

  • 13-09-2017 11:45am
    #1
    Bacchus
    Registered Users, Registered Users 2 Posts: 4,719 ✭✭✭


    Hey all,

    Last year I started up a small business (I also have a full time job) that evolved from my hobby into something I could make money on. I've kept track of everything in terms of money in and out and in 2016, I made a small loss (mostly due to purchasing new equipment). I spoke with a tax consultant (they do quick chats every month at work) and he explained I can claim back for expenses in 2015 or even earlier if it is linked to the business which means I can offset those expenses against 2016 too. So for example, in 2016 I used the laptop I bought 2 years previously. Anyway... I'm kinda getting away from what I wanted to ask...

    1) Since there is no profit to declare, do I need to submit a tax return for 2016?
    2) Would I be crazy to handle the tax return myself? The tax consultant said it'd be about €400 for them to handle the return (I provide them all the receipts/invoices and bank statements). Is that worth it? Any refund I might hope for will be gobbled up by that charge.

    Cheers


Comments

  • #2
    paul71
    Registered Users, Registered Users 2 Posts: 3,326 ✭✭✭paul71


    Bacchus wrote: »
    I made a small loss (mostly due to purchasing new equipment)


    I fear this why you need to talk to a tax advisor. You probably did not make a loss. If you bought equipment that has a useful life beyond the tax year the expense is not allowable in 1 tax year.

    It is a depreciating asset and you are only permitted to claim capital allowances on it over a number of years, not the full cost in year 1.


Advertisement