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Starting a new business - Start your own business - Oliver Niland Chartered Accountant  & Tax Specialist Galway Ireland

Author: Oliver Niland

Leases versus Hire purchase – who wins ?

Leases versus Hire purchase – who wins ?

Under a hire purchase contract, ownership of the machine does not pass to the farmer or contractor until the final instalment is paid. However, the tax treatment is similar to that of an outright purchase. Capital allowances are usually available at a rate of 12.5pc per year on the machine over an eight-year period. If…

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What counts as a repair – the trick question

What counts as a repair – the trick question

When is a repair expense a repair and not a capital improvement A repair is allowable as an expense against your rental income whereas a capital improvement is not, so distinguishing between the two is very important Repair means the restoration of an asset by replacing subsidiary parts of the whole asset. An example would…

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