Minister for Finance Michael Noonan has confirmed that Budget 2017 will be announced on 11th October 2016.
Interest on borrowed money is allowable as an expense against rental income if the borrowed monies were used for the purchase, improvement or repair of the rented premises. Only 75% of the interest due for the year is allowable. From 1st January 2016 where the rental property is let to tenants in receipt of certain … Read more
There are sixteen sheriffs appointed by the government to carry out debt collection for the Revenue. A warrant is a legal document conferring authority on the Sheriff to enforce collection of Revenue liabilities, if necessary, by seizing goods. It is valid for twelve months. However if the sheriff fails to collect any of the liability … Read more
Milk quotas were abolished with effect from 1 April 2015. Section 538 of the Taxes Consolidation Act 1997 allows relief in respect of assets such as milk quotas. However for milk quotas purchased after 1st April 2000, the loss is restricted to the amount of capital allowances granted.
Travel expenses The central test of deductibility when computing assessable Case I or II profits is whether or not the expense has been “wholly and exclusively laid out or expended for the purposes of the trade or profession. In many cases, for convenience, sole traders will include all of their travel expenses in their business … Read more