Self Employed Tax Return - Eligible Expenditure

[iPoker]

Hi - self employed for a period last year and now completing my tax return. Any useful advice out there as to how i may validly reduce my tax bill? I'm already looking into PRSA, but as for eligible expenditures which you can claim - can I claim travel and expenses, lunches, etc? I was told the civil service lunch allowance of €8.5 per day should be claimed?? Any useful info is appreciated!

 

[ClubMan]

Have you considered getting an accountant or tax advisor to assist?

 

[iPoker]

Have you considered getting an accountant or tax advisor to assist?

was hoping to manage myself. Should be very straight-forward really - Was doing some consultancy, so my income is 6 invoices. Was working on my own, so really no expenses, other than taxis and lunches...I'm trying to see if I can deduct these, as really add up. I had something in the back of my mind that a certain amount of lunch could be claimed each day. Anyway, I'll keep looking, but shouldn't justify an accountant/

 

[ClubMan]

The key posts contain some useful info about common tax credits. Be careful about writing anything other than legitimate allowable business expenses off.

 

[iPoker]

Key Posts? Thanks

 

[mathepac]

@iPoker - Like ClubMan above, I would encourage you to consider getting professional help. The cost is allowable against tax.

Allowances (mileage, lodging, travel, subsistence, etc.) may be payable to you at Civil Service rates before tax, but you need to get approval from the Revenue before paying them out, otherwise they may be treated as taxable income.

Gather and organise all the documentation you can first (invoices, bank statements, cheque books, receipts, etc, then look for advisers in your area and get prices.

 

[extopia]

And forget about expensing your lunch, it's not allowed.

 

[Clarkey]

Allowances (mileage, lodging, travel, subsistence, etc.) may be payable to you at Civil Service rates before tax, but you need to get approval from the Revenue before paying them out, otherwise they may be treated as taxable income.

OP is self employed. No allowances @ Civil Service rates can be paid. Only vouched expenses incurred "Wholly and exclusively" for this trade are allowable.