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Form 11 capital allowance

  • 30-10-2023 10:04am
    #1
    beansys
    Registered Users, Registered Users 2 Posts: 20 ✭


    Looking for any advice here as kinda stuck.

    Doing form 11 for the first time for my wife and struggling with one thing.

    So we started hair salon in the back garden last year got planning and built a small back garden room that she uses as hair salon. We paid as per contract for construction of 37000 euros now the question I got since that is the impression the company that did the work left me with is I can got tax return or show it as expense on form 11 somehow. Been in contact with revenue and got advice to look in to capital allowance on their website as that is where I am stuck at the moment as I cant make sense of it.

    Any advice or link to explanation how capital allowance is working in some more detail specifically on hairdressing / retail shops then that on revenue website would be greatly appreciated.

    Form 11 was supposed to be done by my wifes friend who works as accountant in some firm but turns out she didn't know how to do it in the end so I am stuck with this now...



Comments

  • #2
    nhg
    Registered Users, Registered Users 2 Posts: 1,089 ✭✭✭nhg


    Capital Allowances are normally claimed on a ‘straight line method’ of 12.5% relief per year over 8 years



  • #3
    DFB-D
    Registered Users, Registered Users 2 Posts: 419 ✭✭DFB-D


    https://www.boards.ie/discussion/2058320187/form-11-capital-allowance

    There are no capital allowances on buildings (excl. Ind buildings scheme)

    You might be better off getting an accountant to look over what you have done, even if you have already filed, to see if you calculated correctly.



  • #4
    Bereno
    Registered Users, Registered Users 2 Posts: 10 ✭Bereno


    good job



  • #5
    beansys
    Registered Users, Registered Users 2 Posts: 20 ✭beansys


    https://www.boards.ie/discussion/comment/121344746#Comment_121344746

    I did alot of reading and that was my conclusion as well so I didn't submit those 37000 I spent building the hair salon. I did read I can apply correction/amend in case I get told by accountant I made a mistake. That was the only part I felt unsure rest of the form 11 was pretty straight farward.


    Thanks all for the reply's



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