Sole Trader - Claims/Expenses/VAT Exemptions

callaway92 · 04-10-2022 12:12pm #1

Hi folks

Is there a clean, definitive list anywhere of things that can be purchased that can be expensed, claimed or vat deducted?

I feel like I'm purchasing many things that by right, I should've claimed VAT back on (i.e. Canva subscription, Web Hosting subscription etc.)

What about things like a laptop for work, flights for work (for example, I have flights to the UK soon for a work meeting/potential sales meeting)

I've used Revenue's website a bit, but I'm still not sure

On ros.ie the only secion I'd know the enter VAT returns is the bi-monthly VAT3 Return

Gloomtastic! · 04-10-2022 12:22pm

Are you registered for VAT?

Any costs that are related to running your business are claimable. Exceptions are claiming for rent on a home office as you would then be liable for tax on the rental income. Do you use your car only for business or do you use it for personal reasons as well? Work out a percentage and claim that.

I claimed our honeymoon costs many, many years ago as I attended a conference while we were there. 😁

callaway92 · 04-10-2022 1:02pm

https://www.boards.ie/discussion/comment/119699597#Comment_119699597

Yeh I’m registered for VAT and have been doing the bi-monthly VAT3 return but to be blunt about things, I’m probably not being aggressive enough in claiming some things back (that I was half afraid of claiming without knowing if I could or not)

I probably use the car 75% personal and 25% work

Where am I even claiming stuff like that?

I wonder would a single short session with an accountant be the right way to go about things

Allinall · 04-10-2022 4:02pm

There is no definitive list.

Expenses must be wholly and exclusively for the purposes of the business.

If this test is passed, then it can be claimed for tax, and VAT reclaimed in full. (Assuming you are VAT registered.)

Other expenses can be apportioned. eg. Use of car or home working.

Gloomtastic! · 04-10-2022 4:16pm

https://www.boards.ie/discussion/comment/119699827#Comment_119699827

If you don't claim it back, it's free money to the taxman. Some of your overheads - Broadband, Mobile etc are billed regularly so make a checklist of them and add them every time you do your vat return. Always get receipts for any Diesel (you can't claim vat on petrol). It becomes a habit after a time.

callaway92 · 04-10-2022 6:29pm

Thanks lads

Ill start being more aggressive in claiming things back etc

Sole Trader - Claims/Expenses/VAT Exemptions

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