Calculating machinery & plant

W

wednesday

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Well it's that time of year again and I'm sitting here filling out my tax return. I replaced my PC this year so have none of my previous returns to refer to except last years. I'm trying to calculate how much to allow for machinery and plant; unfortunately I can't remember how to do it :( Can any accountant bods point me in the right direction please?
 
You need more than just your tax return - you need to know how much the cost of your plant & machinery was, and how much you had written it down by as of last year.

Plant & machinery is written off over 8 years, hence you need to know for each item, when it was bought and how many years you have already written off.

Also, if you have lost some of your records for recent years you should inform your tax office of this fact and how it has come about - better they know now than you looking like a chancer trotting out a convenient lie ("dog ate my homework miss") if they decide to audit you..!
 
I started filing my return, my machinery/plant is listed as €2801 for tax year 2010. I haven't purchased anything extra. I was uncertain by what percentage to decrease the sum by. I ceased trading as at 21/07/11 and have been back in the PAYE system since 23/08/11. When I spoke with the ROS liaison officer she advised that I only claim for machinery/plant from 01/01/11 to 21/07/11 - which was all fine and dandy but not having returns prior to 2010 to refer to, I am uncertain by how much to decrease.
 
Last edited:
wednesday said:
I started filing my return, my machinery/plant is listed as €2801 for tax year 2010. I haven't purchased anything extra. I was uncertain by what percentage to decrease the sum by. I ceased trading as at 21/07/11 and have been back in the PAYE system since 23/08/11. When I spoke with the ROS liaison officer she advised that I only claim for machinery/plant from 01/01/11 to 21/07/11 - which was all fine and dandy but not having returns prior to 2010 to refer to, I am uncertain by how much to decrease.
Click to expand...

What happened to the plant/machinery when the trade ceased?
 
I still have it all. 99% of it is office equipment. I said as much to the liaison officer, she didn't seem to think it was a big deal. This confused me as I thought I'd have to account for it somewhere.
 
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