Expenses Guide

One of the most frequent questions we are asked by contractors is about expenses, particularly which expenses can you claim. The types of costs and expenses that are allowable depend on whether you are using an umbrella company or a personal limited company.

The things you can claim for are determined by Revenue guidelines so all companies should follow the same process. The golden rule when it comes to expenses is that you can only offset those expenses which have been incurred wholly, exclusively and necessarily in the performance of your duties. Below is an overview of the costs and expenses you could be eligible to claim.

Expenses

Type of Expenses

Client Billable Expenses

Business Costs v (Training costs, electronic equipment, parking)

Mileage (Cars, motorcycles, bicycles and vans)

Business Expenses (Entertaining, stationery, travel, subsistence, accommodation etc)

Expenses

Umbrella Company

Paid tax and social security free

Tax relief given at source

Detailed records must be kept. We will help prepare a claim form to be sent to the Revenue. Tax relief is given at the Revenue’s discretion

Tax relief not given

Expenses

Limited Company

Paid tax and social security free

Tax relief given at source

Tax relief given at source

Expenses must be wholly and exclusively incurred during the course of business. We will review and give relief on any allowable expenses

Client Billable Expenses

These are the expenses paid by the end client or agency which they have prearranged with you. This must be approved by the client or agency before the expenses is incurred. This will be invoiced to the agency and paid to you in full.

Business Costs

These costs are always paid free of tax and social security free regardless of the type of assignment you are on and include training costs, electronic equipment, and parking at or near your place of work.

Training Costs

The cost of any training courses or textbooks that you need may be claimed and reimbursed, provided they are related to your role. If this is a requirement for your current assignment then it is highly likely the request will be accepted. Any non-work related qualifications aren’t eligible for reimbursement.

Electronic Equipment

The cost of electrical equipment such as an iPad or laptop and software can be claimed and reimbursed, provided they are essential for your assignment. You will need to detail how each purchase supports your role

Parking

You can claim and be reimbursed for the cost of parking at or near the assignment at or near your place of work.

Professional Feed and Subscriptions

If you are registered to any professional bodies, you may be eligible to reclaim you annual fees, but only if it is necessary or helpful for your work.

Mileage

Mileage to and from the assignment and home can be claimed and reimbursed tax and social security free. If you are unsure whether or not this applies to you please speak to your Accounting Pro account manager. All mileage claims must be supported with a completed mileage expense claim form which will be supplied to you.

Business Expenses

These are the expenses incurred in the course of business such as entertaining, stationery, travel & subsistence and safety clothing. You will need to keep copies of all receipts as proof of the expenses.

If you would like further details of the types of business expenses you could possibly claim for please call us for a detailed list. These expenses are subject to Revenue approval and are not guaranteed.

If you need any further information or would like clarification on anything in this document please call us on 01 6933370 or email info@accounting-pro.ie for further information.

Telephone: +353 (01) 69 333 70

Email: info@accounting-pro.ie