Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Machinery purchase - Sole Trader

  • 12-04-2018 11:09am
    #1
    forzacalcio
    Registered Users, Registered Users 2 Posts: 1,442 ✭✭✭


    I started up a new business a few months back as a sole trader. I do need to purchase new machinery for the business. Can this be written off against tax fully for the year or is it the usual 12% per year for 8 years starting in October 2019 ? Sorry for basic question a very novice Sole Trader.


Comments

  • #2
    tanit
    Registered Users, Registered Users 2 Posts: 325 ✭✭tanit


    forzacalcio wrote: »
    I started up a new business a few months back as a sole trader. I do need to purchase new machinery for the business. Can this be written off against tax fully for the year or is it the usual 12% per year for 8 years starting in October 2019 ? Sorry for basic question a very novice Sole Trader.

    It's the usual 12.5% and 8 years so long as your equipment is not entitled to the Accelerated Capital Allowances Scheme. If your equipment qualifies you may be able to write off the cost the first year but you need to be sure you fulfil all the requirements/conditions, etc. Check with your account.

    A basic rule of thumb is that it needs to be new, used for the trade and bought not leased or hire to anyone else.

    More reading from Revenue about Accelerated Capital Allowances


Advertisement