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The Revenue's website gives an indicative idea of allowable expenses, but it is clearly not exhaustive. [broken link removed] The test to use is that stated by DB74 as you will also see stated in the above link.

Even if you set up a limited company, the banks are still likely to look for a personal guarantee from you for any finance given to the company. Setting up a limited company will not change the underlying figures so I think it is unlikely that creating a limited company will make much difference...

No problem Teresa, glad to help. Best of luck with it all.

The minimum you can earn without paying tax will depend on your tax credits and these are different for everybody. You take your tax credits and divide that number by 20% to give you the salary you can earn without paying tax. For example, if you earned a gross salary of €9,150 in 2008 and...

Hi Teresa, Just to clarify, is the business structured as a partnership and not as a limited company? For partnerships, tax is payable on the partnership profits. This is defined as sales income less expenses (not including the partners wages). So they are not taxed on the €300 per week...

Hi bhi, The bad debt is treated as an expense in the accounts. This is deductible for income tax purposes so long as it a specific bad debt (which it sounds like it is) as opposed to a general provision for expected levels of bad debts. Did you pay over the VAT on this invoice when it was...

See this page from the Department of Social Welfare which outlines the benefits that persons paying under Class S (i.e. self employed and proprietary company directors) are entitled to: http://www.welfare.ie/EN/Topics/PRSI/Pages/selfemployed.aspx

Hi newbie2009, The first thing is to decide whether you wish to operate as a sole trader or as a limited company. You might find this useful: [broken link removed] If the amounts involved are only small, the chances are that just operating as a sole trader will be best for you. If this is...

Yes, Graham07 is correct, do not confuse this. There are limits on the amount of money that a company can lend to a director, but not the other way around.

In your initial post you said that you are not being charged VAT on the comestics you buy from the UK - is this correct? I'm just wondering how you are showing VAT of €1,823.72 on your purchase if you are saying that you are charged 0% VAT from the UK. The situation should be that no VAT is...

Revenue’s Guide to Capital Gains Tax states that the “the cost of acquisition of the asset and any incidental cost of acquisition such as agent’s commission” would be regarded as an allowable deduction in calculating any gain or loss on the disposal of a chargeable asset. This guide is...

Hi lozza, you probably won't find this very helpful but the answer is something along the lines of 'how long is a piece of string' I'm afraid. Our firm specialises in assisting new business start ups and an increasing number of these are web based businesses. The experiences of these...

The full name of the 4th Schedule scheme is "4th Schedule Services" and hence this refers to services only and not goods. A full list of what is covered under 4th Schedule Services can be found here: [broken link removed] DaveyByrne - you are probably not being charged any VAT on your UK...

If the company are supplying you with a "Fourth Schedule Service" they should by applying a zero rate of VAT as you are both VAT registered businesses within the EU. Fourth Schedule Services include electronically supplied services. Below is a link to the Revenue site explaining this...

Turnover refers to your total sales (before deducting any costs), so you can't have a loss on turnover. Do you know what your total sales were? Yes, you probably can't register for ROS online as your PPS number might not be linked to an income tax registration. In takes the best part of 2...

[broken link removed] See the above link kindly posted by Graham_07 on this thread: http://www.askaboutmoney.com/showthread.php?p=951233#post951233

Hi moiramac, what was the turnover of your sole trade?

This is any other expense that you might have incurred. For example, advertising fees, insurance etc. Basically any expenses you have incurred which are not repairs or interest. When you incur a large item of expense which is a once off or something that you would not have to pay out for each...

Hi Buidnessman, your tax history is irrelevant to setting up a limited company so that's no problem. If you decide to pay yourself a salary from the company, you will need a PPS number if you don't already have one. But there's no difficulty with going ahead and incorporating a company.

Just as an aside in case you are considering using a virtual office in the future, if you only want to use it for a business address, you would be able to get this for a lot less than €100 + VAT per month.