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Some Questions about my Book-keeping Accounts

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  • 31-08-2015 8:39am
    #1
    milli milli
    Registered Users Posts: 1,247 ✭✭✭


    Hello

    I am self-employed and am sorting out my accounts.
    I did a short book-keeping course during the summer and I think I have a system in place (Purchases & sales book, etc). I think I can do the P&L account too.

    I just have some questions - where do you put the Start up costs in the P&L account?
    Also do you itemise the start up costs (with receipts) or just add them as a lump sum in a folder?

    I can't afford to hire a book-keeper/accountant - maybe next year when my business earnings improve.

    I'm attempting to submit my tax return today (if I don't get it done, I'll have to do the self assessment in October. In other words I'm not putting myself under pressure to get it done today, but it would help! :) )

    A Question I've heard multiple answers for - I'm renting a house and work at least 60hours from home - can I submit receipts in my tax return?

    Thank you

    P.S. I'll probably have more questions as day progresses! Thank you


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    #2
    KlausFlouride
    Registered Users Posts: 198 ✭✭KlausFlouride


    With regard to the claiming rent, it's a grey area...This is probably a good rule of thumb.

    "Home as office expenses should be charged pro rata to the amount of space being used to run the business (typically less than 10% of the area of the house). Excessive claims of 50% or 75% of the house costs have been made. Revenue will examine excessive claims for reasonableness"


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    #3
    milli milli
    Registered Users Posts: 1,247 ✭✭✭milli milli


    Thanks KlausFlouride for that. I'm glad I can submit some of it anyway


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Cutting it fine! I forgot about the deadline today and had to fly through it last week hope you're able to get it in on time!


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    #5
    Gloomtastic!
    Registered Users Posts: 8,484 ✭✭✭Gloomtastic!


    I wouldn't include rent as an office expense. The money your business is paying as rent benefits you financially so you could be taxed on it.

    There's a tax deadline? :eek:


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    #6
    KlausFlouride
    Registered Users Posts: 198 ✭✭KlausFlouride


    I think the case here is the rent is being paid to a third party tho..


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    #7
    Gloomtastic!
    Registered Users Posts: 8,484 ✭✭✭Gloomtastic!


    As you say, it's a grey area. Does office expenses include rent? Or it it just utilities like electricity/phone etc?


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    #8
    KlausFlouride
    Registered Users Posts: 198 ✭✭KlausFlouride


    Gloomtastic! wrote: »
    As you say, it's a grey area. Does office expenses include rent? Or it it just utilities like electricity/phone etc?

    I'd include with Utilities, it's Property/Plant/Equipment


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    #9
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    milli milli wrote: »


    I just have some questions - where do you put the Start up costs in the P&L account?

    What start up costs are you talking about - Fixed Assets? Did you cover depreciation in your BK course?


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