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Captial Allowances

osulljul · 2016-10-12 21:27:25

Hi when I am deducting capital allowances which is the proper calculation assuming profit is 7000 & capital allowances is 1875? a) 7000 x 41% = 2870 - 1875 tax liable = 995 or b) 7000-1875= 5125 x41% tax liable = 2101.25 thank uou

12-10-2016 9:27pm

#1

osulljul

Registered Users, Registered Users 2 Posts: 5 ✭

Join Date: October 2016

Posts: 2

Hi

when I am deducting capital allowances which is the proper calculation assuming profit is 7000 & capital allowances is 1875?

a) 7000 x 41% = 2870
- 1875
tax liable = 995

or
b) 7000-1875= 5125
x41%
tax liable = 2101.25

thank uou

0

Comments

#2 12-10-2016 9:31pm

Lockedout2

Registered Users, Registered Users 2 Posts: 402 ✭✭

Join Date: March 2016

Posts: 401

B.

It's income tax @ 40%
PRSI @ 4%
pre capital allowances @ 5.5%

0