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…
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…
If you are an employee whose has a source of unearned income such as for example rent, dividend, deposit interest or any other investment income and it is in excess of €3,174, then this income is liable to an additional 4% PRSI charge whereas up to 2013 it was exempt from PRSI Any queries on same give me a…
