Hi All,
I have a question in relation to rental income and taxation. I am aware of how capital allowances are treated etc. but am wondering if I buy relatively small unit (a lamp table in IKEA for €20 for example) do I need to divide this over an 8 year period at 12.5%? Technically as it’s not a repair I cannot claim the full expense.
It seems a bit crazy to deduct €2.50 a year over 8 years. Is anyone aware of any guidance where if a piece of furniture costs less than €50 say it can be claimed in full? There is a tax refund website that I believe suggests putting any item less than €200 down as an expense and make it tax deductible. Anyone ever have any correspondence with revenue on this?
Many Thanks
I have a question in relation to rental income and taxation. I am aware of how capital allowances are treated etc. but am wondering if I buy relatively small unit (a lamp table in IKEA for €20 for example) do I need to divide this over an 8 year period at 12.5%? Technically as it’s not a repair I cannot claim the full expense.
It seems a bit crazy to deduct €2.50 a year over 8 years. Is anyone aware of any guidance where if a piece of furniture costs less than €50 say it can be claimed in full? There is a tax refund website that I believe suggests putting any item less than €200 down as an expense and make it tax deductible. Anyone ever have any correspondence with revenue on this?
Many Thanks