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?
If the item is replacing one that was broken then it should be an expense. I believe that accountants advise that broken electrical items - cooker, washing machine etc. can be claimed as expenses.
I told my accountant I’m not writing off stuff costing less than 100 Euro over 8 years! If revenue ever take issue with that they can do the calculations on 20 Euro kettles and back date my error 8 years. As if !!
An accountant on here said anything under 1 k. If I remember rightly. Like Feemar says for replacing broken electrical items in particular.
I told my accountant I’m not writing off stuff costing less than 100 Euro over 8 years! If revenue ever take issue with that they can do the calculations on 20 Euro kettles and back date my error 8 years. As if !!
An accountant on here said anything under 1 k. If I remember rightly. Like Feemar says for replacing broken electrical items in particular.