DEDUCTIBILITY OF LOAN INTEREST AGAINST RENTAL INCOME
Interest on borrowed money is allowable as an expense against rental income. The borrowed monies must have been used for the purchase, improvement or repair of the rented premises. Only 75% of the interest due for the year is allowable. From 01.01.17 this rises to 80% From 1st January 2016 where the rental property is … Read more DEDUCTIBILITY OF LOAN INTEREST AGAINST RENTAL INCOME
NEW TIME LIMIT FOR SHERIFF TO COLLECT DEBTS OWED
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 NEW TIME LIMIT FOR SHERIFF TO COLLECT DEBTS OWED
ABOLITION OF MILK QUOTAS – RESTRICTION OF CGT LOSSES
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 AND SUBSISTENCE EXPENSES
Travel and subsistence expenses that businesses can claim. Travel expenses The central test of deductibility used when computing assessable Case I or II profits is whether or not he expense is “wholly and exclusively laid out or expended for the purposes of the trade or profession. It is important to note that Revenue will … Read more TRAVEL AND SUBSISTENCE EXPENSES