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…
If you receive more than €3,174 per annum in deposit interest, dividend income, rental income or any other investment income (i.e. any income that is not either wages, pension or social welfare) you will be deemed to be a “chargeable person”. The consequences of this is that you are required to register for income tax,…
DIRT of 41% on deposit interest earned The DIRT or deposit interest retention tax that is taken off any interest earned has been increased to 41% from 33% from the 1st January 2014 (an increase of 25%) Tip: > Look into state savings bonds and installment savings as they do not incur DIRT and…
