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Ltd Company Question

  • 03-01-2018 6:19pm
    #1
    spiderdan
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭


    I have just set myself up as a Ltd company for 2018, I have a couple of questions regarding the following which I would like to know more about before I meet my accountant;

    - Is it possible to claim any expense on annual club membership?
    - Any benefit when taking out health insurance?
    - Buying a commercial vehicle for work through the company vs cost of buying a car out of my own pocket.

    Thanks in advance


Comments

  • #2
    GoldFour4
    Moderators, Sports Moderators Posts: 5,042 Mod ✭✭✭✭GoldFour4


    spiderdan wrote: »
    I have just set myself up as a Ltd company for 2018, I have a couple of questions regarding the following which I would like to know more about before I meet my accountant;

    - Is it possible to claim any expense on annual club membership?
    - Any benefit when taking out health insurance?
    - Buying a commercial vehicle for work through the company vs cost of buying a car out of my own pocket.

    Thanks in advance

    These are all things your accountant can tell you all about. That's what you are paying him for!


  • #3
    wally1990
    Registered Users, Registered Users 2 Posts: 1,228 ✭✭✭wally1990


    spiderdan wrote: »
    I have just set myself up as a Ltd company for 2018, I have a couple of questions regarding the following which I would like to know more about before I meet my accountant;

    - Is it possible to claim any expense on annual club membership?

    1- generally yes but this is a BIK issue and you need to pay tax on the cost of the membership is my understanding . It is not exempt because it is not a professional subscription that would met the conditions for a tax free payment (e.g. Statutory requirement to maintain for employment or requireded by the contract of employment to maintain to provide the duties of your employment)

    Like the Irish medical council would be to a self employed doctor
    - Any benefit when taking out health insurance?

    2- tax relief is already provided at source (TRS) generally on private health insurance

    However If the company pay it then the company receive the tax relief
    You pay BIK on the health insurance value re grossed up
    You can claim the tax credit from the revenue

    - Buying a commercial vehicle for work through the company vs cost of buying a car out of my own pocket.


    Company owns the vehicle
    You pay BIK on the car and rate depends on business mileage
    Electric for 2018 is exempt
    Van is a better option due to lesser BIK
    All costs can be then expenses e.g insurance fuel tax
    Mileage allowance is no longer claimable

    You do not own the car the company does


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