This is a great relief for people who have been unemployed for more than a year and hope to start their own business. The relief gives an exemption from tax on the first €40,000 of profits for first two years of business. This scheme is subject to qualifying conditions.
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,…
