Business expenses?

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?

StevenToast

Talk to a professional accountant.

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!

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.

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.

dave3t

As a self-employed sole trader working from home, you can pay for business-related expenses like your Digiweb Internet and a portion of your mobile phone bill from your business account. You can also claim part of your home utilities and home insurance if they relate to your business use. Gym memberships are usually personal expenses unless linked to your work. Tuition for a master's program can be claimed if it's directly related to your business. For travel updates, check out IGA Istanbul departures.

bog master

Doing accounts for several businesses and as far as phone and internet, I have been advised the 2/3 rule. 2/3 of your mobile and internet costs. If there is a "family internet package in place and also the business one, you can claim 100%.

mjcaccountants

Accountant here

DM me if you want a chat about these

Just FYI gym expenses are not allowed