5 Expenses a Professional Contractor can Claim when returning to the Office

This useful guide will help you navigate what expenses are relevant to you during the big return to the office

As we are all starting to return to the office from our cosy homes, lets look at some of the expenses Independent Professionals can claim on their return to work. Whilst we have seen an increase in certain expenses relating to home office, we have seen a reduction in other expenses. We outline below those expenses.

  1. Taxsaver: if you are travelling into the office on public transport, you can claim tax relief on the full cost of your monthly ticket once you purchase via the Taxsaver scheme. Icon can facilitate this for all our clients and there is an easy-to-use order form on our portal.
  2. Travel & Subsistence: if you have business meetings outside of your main client site you can claim mileage when using your own vehicle. We have a full blog explaining how it works and the conditions. In addition to this you can claim a subsistence as long as you meet the criteria.
  3. Foreign Travel: Prior to Covid many of our clients would travel abroad for business meetings, conferences, client sites. When not re-imbursed by the end client, the cost may be allowed as a tax deductible expense as long as they are wholly and exclusively required for the purposes of your contract………….. Unfortunately, weekends in Paris would not get by Revenue.
  4. Business Equipment & Tools: If you are back on your client site and you need extra tools or equipment to carry out your work on site, they will be allowable for tax purposes. If you need to obtain IT equipment for both home and client site, these too will be allowable for tax purposes once it’s a requirement for your current contract.
  5. Relocation expenses: if you have been working from home or abroad and need to relocate to take up your contract at client site, then you can claim relocation expenses for a period of 3 months. We outline the conditions in our article and have a full video available on the knowledge box on our portal.

If you are incurring extra expenses and are unsure if they are allowable to write off for tax, please contact your account manager via e-mail or phone us on (01)8077106 and they will advise you on how to claim them accordingly.

Icon Accounting is the leading and fastest growing provider of one-stop-shop accountancy and compliance services for independent professional contractors in Ireland. Our mission is provide the most efficient contractor support through a professional and friendly service. For more detail about Accountancy services in Ireland follow the link.



Comments

Popular posts from this blog

5 Ways to Network as an Independent Professional

Avoiding Work-Related Burnout As An Independent Professional

Enhanced Reporting Requirements: Everything you need to know