An Irish trading company is entitled to claim tax deductions for expenses incurred “wholly and exclusively” for the purposes of its trade.
The following expenses are generally tax deductible for Irish trading companies:
- Professional expenses incurred such as accountancy fees, consultancy fees, etc.
- Advertising costs incurred with regard to promoting the business.
- Operating expenses such as payroll, rent, insurance and office supplies.
- Repairs not involving material improvement.
- Certain pre-trading expenses.
Where an expense is not incurred wholly and exclusively for trading purposes, the expense is disallowed when calculating the Irish corporation tax liability.Read More