capital depreciation allowance(i think)

hi,
i spent 70K getting my business up and running last year.
Iam getting my books done for last year and was wondering what the situation with capital depreciation ie#
is it 20% every year for 5 years eg 70,000 x 20% = 14000.
Am i entitled to this 14000 back

Any help would be greatly appreciated

Depreciation in the accounts would be at whatever rates are appropriate for the assets and the business. e.g. you may consider 20% over 5 years to be appropriate.
That depreciation is a cost in the accounts.

For tax purposes depreciation is not allowed as a deduction. Instead Capital ALlowances are granted on allowable assets at 12.5% pa for 8 years. You therefore get a deduction against your income of that amount. Assuming that the full €70K qualifies for normal Capital Allowances then you get a deduction against your income of €8,750pa for 8 years. It is a deduction not an absolute tax amount, it reduces your taxable income by €8,750pa.

Your accountant or whoever is doing up the books for you can explain this more if you are unsure.