Business mileage and claiming back expenses - sole traders

Q: I am a sole trader and I do a lot of business mileage. What’s the best way for me to claim back my expenses?

31st October 2014

A: You should keep a record of all motor expenses (fuel, repairs, insurance, tax) and travel expenses (hotel, train) and include only the percentage which relates to the business in the end of year tax calculations. The percentage you can claim is the business element of the overall costs. You will also need to keep all the receipts for any costs claimed in case of a future Revenue Audit. Maintaining a separate bank account to pay your business expenses from is recommended. This will allow for greater transparency of your expenses and assist your accountant to prepare your accounts.

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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1890 98 76 09

Or submit an enquiry