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It’s the number one question that all accountants get asked each year – what expenses can I claim in my tax return?
 
The general rule is that for an expense to be allowable it must be directly related to the running of the business.
 

 

What expenses can be claimed:

The starting point here is to ask yourself whether the cost has been incurred “wholly and exclusively for the purpose of my business”. That can be a difficult question to answer, and that is where a trusted accountant would come in.
 
Here are some expenses that you can claim but this is list is not exhaustive:
 
  • Any goods that you buy for resale
  • Employees' pay
  • Rent and bills for your business premises
  • Running costs for vehicles or machines that you use in your business
  • Lease payments for vehicles or machines that you use in your business
  • Accountancy fees
  • Interest payments for money you borrowed to finance your business
  • Expenses you had before your business started trading such as the cost of preparing business plans
  • Advertising expenses
  • Legal fees related to running the business.
 

 

What expenses cannot be claimed:

Here are some expenses that cannot be claimed in your Tax Return. Again this is not a full list, and you should consult with your accountant on what cannot be claimed. 
 
  • Personal mileage expenses
  • Food expenses – in the case of an employee on a business trip whereby they incur food costs, an allowance may be given to cover these costs
  • Clothing costs (except protective clothing)
  • Accommodation – hotel accommodation incurred on a business trip is an allowable deduction
  • Client entertainment
  • Capital expenditure – e.g. purchase of equipment. You may be able to claim capital allowances on this expenditure
 

 

Expenses that are for both business and private use

 
If you spend money on something that is for both business and private use, you should be able to claim a deduction for part of the expense. This would include items such as phone bills, motor expenses and rent. You must work out how much of the expenditure was for business purposes and claim a deduction for that amount only. In practice, this split can be difficult to compute so you should always ensure that you approach this matter in a pragmatic manner and adopt a just and reasonable approach.
 
One other point to note here is where you happen to use your personal account (by accident) to pay for a business expense. Once you have a receipt to support the payment, you should be able to claim a deduction.
 

 

Tax Credits

 
Tax Credits reduce the amount of tax that you have to pay and the credits to which you are entitled are dependent upon your personal circumstances.
 
Every year, thousands of Euro are left unclaimed by people who are just not aware of the additional tax reliefs that they could be claiming.
 
For example, if you are married and your spouse stays at home to mind a child then you could claim the Home Carer Tax Credit potentially saving you €1,700 in the 2023 tax return.
 

 

We can help

 
At TaxAssist Accountants we have worked with thousands of individuals across Ireland on their tax returns. By giving you a fixed, competitive price, we can take the worry away when it comes to self-assessment tax returns and can help you with claiming expenses and tax credits. 
 
If you need assistance filing your income tax return (Form 11 or Form 12) you can call us on 1800 98 76 09 or submit an enquiry online to book your free initial consultation.
 

 

Need support with your Tax Return?

Contact TaxAssist Accountants for a free, no-obligation consultation.

1800 98 76 09

Or contact us

 

 

Frequently Asked Questions

For those that use Revenue Online Services (ROS) the pay & file deadline is Thursday 14 November 2024.  

If you make any money outside of your normal PAYE income from your job then you need to file a self-assessment tax return each year.

Some common reasons you may need to file a tax return include; you are self-employed, work freelance or as a contractor, you are a landlord or make money using Airbnb, you are the director of a company, you own shares, you have sold a personal asset or sold all or part of your business, you have inherited money, you make some extra cash doing nixers.

The form you fill in to file a self-assessment tax return in Ireland is called a Form 11. People use the terms tax return and Form 11 interchangeably.

You can file a Form 11 tax return yourself with Revenue online using Revenue Online Services (ROS) or you can engage an accountant to file on your behalf. 

An allowable expense is an expense that is directly related to the running of your business. For example goods that you buy for resale, employees' payment, rent and bills for your business premises, interest payments for money you borrowed to finance your business.

Tax Credits reduce the amount of tax that you pay. The tax credits you are entitled to are dependent upon your personal circumstances.

Another great way to save money on your tax bill is to pay into a pension. The government offers generous tax relief at your highest tax rate. 

Here are 10 ways to save money on this year’s tax return.

You can pay the tax you owe online through ROS with a debit or credit card.

In order to fulfil your preliminary tax obligations for 2024, a payment should be made along with the filing of your 2023 tax return. Preliminary tax is an estimate of the tax you will owe on next year’s tax return.
 
You have three options when deciding what level of preliminary tax you should pay:

  • Based upon 100% of your 2023 tax charge.
  • Based upon 90% of your 2024 tax charge (this will need to be an estimate at the time of filing the return).
  • 105% of your final tax charge for the pre-preceding tax year (2022). This option is only available where preliminary tax is paid by monthly direct debit.

If you miss the tax return deadline there are a number of consequences. You will be charged interest and a late filing surcharge.
Filing late can increase the likelihood that you will be chosen to be audited by Revenue and uou could lose your entitlement to government grants and subsidies as businesses must be entitled to a tax clearance certificate to qualify for these schemes. If you have missed the deadline the most important thing is to get the return filed as soon as possible. 

Date published 30 Sep 2020 | Last updated 26 Sep 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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