Self employed Expenses – what can’t be claimed ?
Self employed expenses – what can’t be claimed?
The general rule is that you cannot claim for any private expenses i.e.
- Any expense, not wholly and exclusively paid for the purposes of the trade or profession
- Any private or home expenditure e.g. your own wages, food, clothing (except protective clothing), income tax etc.
- Business entertainment expenditure i.e. the provision of accommodation, food, drink or any other form of hospitality.
You cannot deduct capital expenditure in calculating your taxable profits, however you can claim what are known as capital allowances over 8 years
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie