Your Tax Return Expert
When is a repair expense a repair and not a capital improvement A repair is allowable as an expense against your rental income whereas a capital improvement is not, so distinguishing between the two is very important Repair means the restoration of an asset by replacing subsidiary parts of the whole asset. An example would
If you are an employee whose has a source of unearned income such as for example rent, dividend, deposit interest or any other investment income and it is in excess of €3,174, then this income is liable to an additional 4% PRSI charge whereas up to 2013 it was exempt from PRSI Any queries on same give me a
Normally a vat registered person cannot claim vat back on accommodation except for VAT paid on accommodation in connection with the attendance at a “qualifying conference” as defined below ‘Qualifying conference’ means a conference or meeting in the course of furtherance of business organised to cater for 50 or more delegates, which takes place at a
Oliver Niland & Co – Chartered Accountant
Unit 8, Royal Rock Park,
Ballybane Industrial Estate,
Galway.
Telephone: (091) 763817
Mobile: (087) 984 6979
Email: oliver@taxreturnhelp.ie
(Right across from Thomas McDonagh’s hardware store and directly behind the Royal Rock Café )