4 Business expenses you should not be claiming

You may have read about the revenue consultant probe that has reportedly yielded large sums in fines, penalties and interest.

If you incorporated your business within the last seven years and claimed goodwill, you should consider contacting your tax advisor to see if the goodwill they put in your accounts on incorporation is in line with revenue guidelines.

If you are worried about the revenue knocking on your door, make sure you are not claiming the following four non tax deductible expenses which were highlighted during some of the audits;

1. Personal nanny and childcare for children.
2. Light and heat for your home.
3. Payroll for children, spouse, partner or family members who do not and can not work in the business due to age, location, or other jobs.
4. Non business motor expenses, make sure you only claim travel costs that comply with revenue travel and subsistence rules

You should also ensure that you file and pay your income tax, corporation tax returns, VAT, VIES, PAYE and companies registration office returns on time and try pay wages and PAYE by direct debit.