My First Post - Expenses

O

oo7ml

Guest
Hi, sorry this is my first post, so please forgive me if i am posting in the wrong section.

Could anyone tell me where i could get a list of expenses that can be claimed by a soletrader.

I have a full time job and i also have another (soletrader) job on the side. I do pay taxes but i'm not sure what costs i have that i could actually claim as an expense.

My isurance is due on my car now which i use a lot for my soletrader job. Can any of this cost be cliamed as an expense or more importantly where can i find a list of expenses that can be claimed by an Irish soletrader

(is this site Irish based)
 
There is no definitive list for soletraders as such. The qualifying criteria for any expenses are that they are "wholly and exclusively" incurred for the purposes of the trade/profession. So stationery, advertising, rent of business premises, rates, phone, light & heat, repairs etc. all come within this.

Motor expenses are allowable but only to the extent that they are incurred in the sole trader business. So if you use the car 50% for PAYE work / personal and 50% for sole trader then the 50% of the expenses in running the car for the sole trader business would be allowable.

(yes the site is Irish based )
 
Thanks for your reply... so what comes under motor expenses

- insurance
- tax
- service
- mileage (for soletrader business - is there a rate for this)

thanks again for your help
 
- insurance - yes
- tax - yes
- service - yes
- mileage (for soletrader business - is there a rate for this) - actual expenditure on fuel. not mileage rate. A mileage rate is intended to encompass all costs like tax, insurance , duel et.c SOle traders claim the actual costs incurred.

In addition there would be
- interest on any finance
- Wear & Tear on the cost of the vehicle subject to statutory limits.

and ALL the above are restricted to the amount or percentage of total used on ACTUAL BUSINESS USE ONLY.
 
Thanks again for your help. How should you go about deciding on a figure (%) of motor use for sole trader business purposes only, thanks in advance
 
Simplest is mileage based. If you do 20,000 a year and you do 5,000 for personal and 10,000 for PAYE work then its 50% pers and 50% for self-employed

In strictness take a log of all the business mileage and express that as a percentage of total mileage then use that as the allowable amount.
 
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