New or Second Hand

fear tuath

Which is better to buy new or second hand from a tax or farm expense point of view.

irishh_bob

fear tuath wrote: »

Which is better to buy new or second hand from a tax or farm expense point of view.

are you talking about a tractor , jeep , something else ?

fear tuath

Yes ,trailers or other tools or equipment,paying high tax as paye and will be submitting farm income for first time .

razor8

say you buy a trailer whether new or not as long as you get a receipt. You can then claim back 12.5% of the cost each year for 5 or 6 years, this is my understanding and what my accountant told me

yellow50HX

do you need to be vat registered to do that or can you do it as long as your a registered farmer?

irishh_bob

yellow50HX wrote: »

do you need to be vat registered to do that or can you do it as long as your a registered farmer?

you dont need to be vat registered to avail of tax write offs , in general , it doesnt pay to be registered for vat in this country unless your a tillage farmer or someone who contracts on the side

ml100

you don't need to be vat registered, it's 12.5% over 8 years.
12.5 x 8 = 100%

some good info on here:
http://www.kbg.ie/Taxation_Brochure_2011.pdf

yellow50HX

cool cheers