Tax Return and Claiming Expenses

Q: I am a sole trader earning €80,000, I need to do my tax return and I am not sure what I can claim in expenses?

23rd October 2014

A: You will be liable to income tax on your profit for the year, this is calculated after deducting allowable business expenditure. Business expenditure can include all travel costs from the office to clients premises, business telephone, internet, electricity, staff entertainment and other miscellaneous office costs. If your office is also your home you may be able to claim a portion of private expenditure that relates to the business, for example private internet or landline used for business purposes. Tips to reduce your tax bill: Make sure you claim tax relief on qualifying medical expenditure. You may be able to make a pension top to reduce your liability (This will have to be paid before tax deadline in order to qualify for relief).

Disclaimer: Advice shared in this blog is intended to inform rather than advise. 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry