Offaly Exile
Registered User
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Hi,
My brother died a few months and I am hoping that I can get a little tax advice to help his widow in beginning to deal with his affairs. I have some knowledge of tax but I will probably engage a tax adviser down the line.
He was a part time farmer who was in full time employment. As such he used his tax credits against his employment income.
He inherited the farm about 10 years ago.Income would have consisted of Dept of Ag. farm payments and some cattle sales. I suspect he never registered for tax as a self employed person.
Question 1. With regard to claiming capital allowances on farm buildings. If say the value of farm buildings was €50,000 when he inherited the farm can capital allowances be claimed over 7 years (15% 1-6 and 10% in year 7) and thus reduce taxable profits ?
Question 2. If it transpires that the taxable profits each year are such that he was not a chargeable person (less than €3,175 ?) could form 12s be filed for each year ? In such a scenario would interest be payable and would Revenue charge penalties ?
Thank you.
My brother died a few months and I am hoping that I can get a little tax advice to help his widow in beginning to deal with his affairs. I have some knowledge of tax but I will probably engage a tax adviser down the line.
He was a part time farmer who was in full time employment. As such he used his tax credits against his employment income.
He inherited the farm about 10 years ago.Income would have consisted of Dept of Ag. farm payments and some cattle sales. I suspect he never registered for tax as a self employed person.
Question 1. With regard to claiming capital allowances on farm buildings. If say the value of farm buildings was €50,000 when he inherited the farm can capital allowances be claimed over 7 years (15% 1-6 and 10% in year 7) and thus reduce taxable profits ?
Question 2. If it transpires that the taxable profits each year are such that he was not a chargeable person (less than €3,175 ?) could form 12s be filed for each year ? In such a scenario would interest be payable and would Revenue charge penalties ?
Thank you.