If I recall correctly you can write off expenses incurred by paying for a client's business meal but not your own! I guess that you are expected to just keep receipts. There's not really much you can do about proving who you ate with. Basically Revenue assume that you will file accurate/honest returns. If in doubt ask your accountant for advice. If you don't have one then you should probably get one.
There is no such list, as the circumstances of every business are different.
So, how does an accountant actually judge what is a business expense or not?
There are plenty of books out there, some (such as Alan Moore's Tax Magic series) aimed at the amateur rather than the professional user, but it is difficult to imagine that you would get the same insight from reading one of these books as a professional accumulates from intensive study and completing exams.Is there some book that gives advice on this? I'm eager to learn.
There are a few existing threads that might be of interest to you. For example this one. And maybe some more (Google search works better than the AAM vBulletin search in my opinion). But these are not substitute for professional advice.
I can't believe there is no actual legislation out there for this kind of stuff.
Taxes Consolidation Act, 1997 - http://www.irishstatutebook.ie/1997/en/act/pub/0039/print.html
Quite possibly!Clubman had it the wrong way around.
Ultimately, the test comes down to whether the expense was "wholly and exclusively" incurred for the purposes of the trade or profession. This "wholly and exclusively" test is one of the benchmarks of tax law. If the expenditure passes this test, then it is deductible.
Remember, you eat to live, not to do business. By it's nature therefore eating is not exclusively for the purposes of the business.
In my experience companies are quite canny about this.
For example, when I worked for an accountancy firm we had a golf day every year for clients. Naturally some of the staff played that day also, had a nice meal and a feed of pints.
As some posters have pointed out, technically this is not a legitimate business expense. However the whole day was organised by an event management company who just invoiced the firm for their services (i.e. running the day) This comes out of the marketing budget and is a legitimate business expense.
In theory your own meal is not allowable...reality, in my experience, is very different. Revenue are not interested whether you had a fillet steak the six times you were out with clients last year. Just be honest and only include things that do pertain to your business and you won't go far wrong.
In my experience companies are quite canny about this.
For example, when I worked for an accountancy firm we had a golf day every year for clients. Naturally some of the staff played that day also, had a nice meal and a feed of pints.
As some posters have pointed out, technically this is not a legitimate business expense. However the whole day was organised by an event management company who just invoiced the firm for their services (i.e. running the day) This comes out of the marketing budget and is a legitimate business expense.
In theory your own meal is not allowable...reality, in my experience, is very different. Revenue are not interested whether you had a fillet steak the six times you were out with clients last year. Just be honest and only include things that do pertain to your business and you won't go far wrong.