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Deducting Sole Trader business expenses from PAYE tax liability

  • 09-07-2019 2:31pm
    #1
    matt3326
    Registered Users, Registered Users 2 Posts: 8 ✭


    I’m a PAYE worker but I also run a small business on the side as a Sole Trader. It’s mainly a hobby and I rarely make a profit from the business but I do still make some money.

    I’m hoping to buy some equipment for the business and want to deduct Capital Wear & Tear allowances from my business revenue. The W&T allowances will be bigger than my entire revenue for the year though. Can I deduct the remainder from my PAYE tax liability?? Or can I only roll them over to the next year?

    I was under the impression that PAYE income and tax paid via PAYE is rolled up to one figure when deducting expenses on your Form 11


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    You can, however a bigger concern is the fact that you are operating this as a hobby and for a small profit or loss.

    If there are three years of losses, Revenue then tend to disallow this as a trade and they will disallow the loss as a taxable loss available for offset to the paye income.


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