If you don’t have the money to pay your tax bill, what are your options? Also, what expenses can you claim back against tax?
If your tax bill is due and you don’t have the cash flow to pay it, you are not alone.
This is an issue that affects thousands of small business owners and sole traders around the country each year.
The annual tax bill, however, doesn’t have to cause you sleepless nights.
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What expenses can I claim back each year?
You are allowed to claim against expenses that are directly related to the running of the business. These include:
Purchase of goods for resale
Wages, rent, rates, repairs, lighting and heating
Running costs of cars, vans or machinery used in the business
Accountancy fees
Interest paid on any money borrowed to finance the business
Lease payments on vehicles or machinery used in the business
What can I not claim back?
Section 81(2) Tax Consolidation Act 1997 (TCA 1997) lists expenses specifically disallowed. Some of which are:
Capital items purchased.
Expenses for domestic or private use e.g. apportionment of dwelling house expenses if working from home.
Entertainment costs (any lunches with clients, coffees, etc.)
Any interest paid to Revenue for late filing.
All food and subsistence paid by a self-employed person.
Rule of thumb – any expenditure incurred which is not wholly and exclusively incurred for business activity is disallowed.
