Sole Trader – What expenses can I not claim for ?
You can not claim expenses for any item that is not fully related to the running of your business such as:
- clothing (except protective clothing such as safety boots for work on sites )
- your own pay otherwise known as drawings
- business entertainment expenses such as xmas gifts for customers or bringing out client out to dinner
- your own food or travel expenses
- You cannot claim a deduction for capital expenditure when calculating your profit. Capital expenditure is money you spend on buying or maintaining land, property or equipment for your business. However You may be able to claim capital allowances on some of this expenditure over 8 years
- Any other expenses not wholly and exclusively for the business. ( however can claim for dual use expenses which are for business and personal on a proportioned basis such as motor expenses etc )
Anything else that is wholly and exclusively for the business can be claimed in your year end accounts
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie