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Expenses before registering a business

  • 04-05-2021 8:58am
    #1
    sternn
    Registered Users, Registered Users 2 Posts: 929 ✭✭✭


    I'm just about to begin the process of registering a limited company. I know there is some guidance from revenue around pre-trading expenses, one of which is costs for preparing a business plan.

    We are about to purchase a laptop for the sole purpose of the business. Anyone know if I can consider this laptop purchase as a legitimate pre-trading expense?

    https://www.revenue.ie/en/starting-a-business/claiming-a-deduction-for-expenses/index.aspx


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,630 ✭✭✭Gloomtastic!


    According to Accountants Ireland, trading expenses up to three years before the commencement of business are acceptable.

    https://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0082-nfg.html


  • #3
    sternn
    Registered Users, Registered Users 2 Posts: 929 ✭✭✭sternn


    Gloomtastic! wrote: »
    According to Accountants Ireland, trading expenses up to three years before the commencement of business are acceptable.

    https://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0082-nfg.html

    Thanks! They don't specify what constitutes legitimate trading expenses, but I'll check it out with an accountant.

    In my non professional opinion, I think a laptop is a legitimate trading expense given it will solely be used for the business.


  • #4
    touts
    Registered Users, Registered Users 2 Posts: 6,536 ✭✭✭touts


    sternn wrote: »
    Thanks! They don't specify what constitutes legitimate trading expenses, but I'll check it out with an accountant.

    In my non professional opinion, I think a laptop is a legitimate trading expense given it will solely be used for the business.

    Yeah it's a bit vague. I've heard some stories of lads who put in expenses they thought were reasonable and their accountant told them no way that they would never get through a revenue audit. And it seems to vary depending on if you are a sole trader or limited company. Best to go through it with your accountant.


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