Hi. I am getting confused in what is allowed as capital expense vs what should be put as wear and tear i.e. 12.5% over 8 years period.
I am doing accounts for 2013 now. For example I bought a fridge and freezer for the rental apartment in 2013 for say €1,000. Will I put in the whole amount of €1,000 as expense against my income or should I be only putting in 12.5% i.e €125 which means I will recoup the whole cost of the investment over 8 years only. I assume it can't be the case that I claim full amount now and then also do 12.5 % depreciation every year after? That would be double counting it, right?
I also want to know how to deal with the following expenses:
New kitchen put in (materials only c.4k)
Paints
Shelves
Attic insulated
Attic ladder
New washing machine, oven, hob
New carpets, underlay
New laminate flooring
Bathroom vent
bathroom tiling
New toilet, sinks etc
fire alarms, blanket
Mirror, plates, cups, mops
compost for garden improvement
curtains
Garden shed
key cut
Basically I am not really sure what is counted as expense i.e. 100% offsets against income and what should be depreciated at 12.5% a year. What about capital expenditure such as repairs, new floors, kitchen etc? Thanks for any help in advance much appreciated. Just totally confused in terminology
I am doing accounts for 2013 now. For example I bought a fridge and freezer for the rental apartment in 2013 for say €1,000. Will I put in the whole amount of €1,000 as expense against my income or should I be only putting in 12.5% i.e €125 which means I will recoup the whole cost of the investment over 8 years only. I assume it can't be the case that I claim full amount now and then also do 12.5 % depreciation every year after? That would be double counting it, right?
I also want to know how to deal with the following expenses:
New kitchen put in (materials only c.4k)
Paints
Shelves
Attic insulated
Attic ladder
New washing machine, oven, hob
New carpets, underlay
New laminate flooring
Bathroom vent
bathroom tiling
New toilet, sinks etc
fire alarms, blanket
Mirror, plates, cups, mops
compost for garden improvement
curtains
Garden shed
key cut
Basically I am not really sure what is counted as expense i.e. 100% offsets against income and what should be depreciated at 12.5% a year. What about capital expenditure such as repairs, new floors, kitchen etc? Thanks for any help in advance much appreciated. Just totally confused in terminology