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Budget 2018 – Some highlights

Budget 2018 – Some highlights

Budget 2018 – Some Highlights

As just announced in today’s budget:

A. Company Cars

Your employer or if you are a company owner, can provide you with a electric company car for one year without any tax implications

Electricity used in the workplace for charging vehicles will also be exempt from benefit in kind

B. Pre-letting Expenses for landlords – Rented Residential Property

To encourage owners of vacant residential property to bring that property into the rental market, a new deduction is being introduced for pre-letting expenses of a revenue nature incurred on a property that has been vacant for a period of 12 months. Up to now this was not allowed as a deduction.

A cap on allowable expenses of €5,000 per property will apply, and the relief will be subject to clawback if the property is withdrawn from the rental market within 4 years.

The relief will be available for qualifying expenses incurred up to the end of 2021

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie

 

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