manaboutdog
Registered User
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- 41
I have registered as a sole trader ~ 9 months ago, and It is just now that I'm starting to see some income from the business. (I'm also a PAYE worker), I'm not registered for VAT. I have some questions and was wondering if anyone could help.
I have only just recently opened a separate current account for the business (should have done this at the beginning??) and I have been paying business expenses out of my personal current account up to now.
1. I rent my home currently(€750 pcm), a three bed house. I have converted 1 bedroom into an office in which I do almost exclusively work relating to the sole trader business. Can I sublet this room to myself? Are there tax issues with paying myself rent say €250 pcm? Can I write a cheque from the new 'business' a/c made payable to myself for rent over the length of time I've been using the office?
2. I drive a van, and I do ~ 25% of my mileage for the sideline business. I have been paying for 100% of diesel used out of my personal bank account but have been keeping receipts. What is the best way for me to account for the fuel expenses used in the side business?
Any other expenses I may not have thought of that I can offset against profits?
Thanks in advance for your help.
M
I have only just recently opened a separate current account for the business (should have done this at the beginning??) and I have been paying business expenses out of my personal current account up to now.
1. I rent my home currently(€750 pcm), a three bed house. I have converted 1 bedroom into an office in which I do almost exclusively work relating to the sole trader business. Can I sublet this room to myself? Are there tax issues with paying myself rent say €250 pcm? Can I write a cheque from the new 'business' a/c made payable to myself for rent over the length of time I've been using the office?
2. I drive a van, and I do ~ 25% of my mileage for the sideline business. I have been paying for 100% of diesel used out of my personal bank account but have been keeping receipts. What is the best way for me to account for the fuel expenses used in the side business?
Any other expenses I may not have thought of that I can offset against profits?
Thanks in advance for your help.
M