Business mileage and claiming back expenses - sole traders

A: You should keep a record of all motor expenses (fuel, repairs, insurance, tax) and travel expenses (hotel, train) and include only the percentage which relates to the business in the end of year tax calculations. The percentage you can claim is the business element of the overall costs. You will also need to keep all the receipts for any costs claimed in case of a future Revenue Audit. Maintaining a separate bank account to pay your business expenses from is recommended. This will allow for greater transparency of your expenses and assist your accountant to prepare your accounts.

Date published 31 Oct 2014

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