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Business expenses?

  • 02-02-2023 9:34am
    #1
    MouseMan01
    Registered Users Posts: 187 ✭✭ MouseMan01


    Which expenses can I pay out of my business account? I work from home.

    I'm a self-employed sole-trader.

    Home insurance?

    Gym membership?

    Digiweb Internet?

    Mobile phone?

    Utilities?

    Can I put a masters program tuition fee on my business account?

    Tagged:


Comments

  • #2
    StevenToast
    Registered Users Posts: 2,519 ✭✭✭ StevenToast


    Talk to a professional accountant.

    "Don't piss down my back and tell me it's raining." - Fletcher



  • #3
    mct1
    Registered Users Posts: 232 ✭✭ mct1


    From my own past experience as sole trader (but don't take this as gospel - check with your accountant)

    Home insurance? - I claimed only the additional public liability element.

    Gym membership? - no

    Digiweb Internet? - can claim reasonable proportion used for business

    Mobile phone? - if just for business claim entire amount, otherwise a proportion

    Utilities? - claim reasonable proportion eg 1/6 if one room used for business and six rooms in home

    Can I put a masters program tuition fee on my business account? - I'd say only if it is essential professional development.

    This may help https://www.maneelymccann.ie/factsheets/corporate-and-business-tax/homeworking-costs-for-the-self-employed. NB where they mention possible CGT liability if you sell your home at a profit. Once again, ask your accountant!



  • #4
    juliasmith
    Registered Users Posts: 145 ✭✭ juliasmith


    Did you find the answer already? I am in the similar situation now. What about the expenses for microsoft teams calling? In my opinion it can be fairly calculated as a business expense, right? Home insurance and gym membership i wouldn't include in there. Internet costs - 50/50.

    Post edited by juliasmith on


  • #5
    Gloomtastic!
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 7,500 Mod ✭✭✭✭ Gloomtastic!


    Expenses I claim for:

    Motor expenses - bundle all your car costs together then deduct personal usage percentage.

    Mobile costs - 100%

    Broadband - 100%

    Public Liability Ins - 100%

    I would claim tuition fees if it was related to my business - now or in the near future.



  • #6
    mneylon
    Registered Users Posts: 7,734 ✭✭✭ mneylon


    You really need to talk to an accountant.

    Some expenses will be 100% allowable, but others will not. Others you'll be able to claim a percentage.

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