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Taxation and Occupational Tools

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  • 19-10-2020 10:46am
    #1
    jdk01
    Registered Users Posts: 24 ✭


    Hi, I am sorry if this has been answered before, but I am struggling to see if this topic has been covered already.

    I am about to start a small watch and camera repair business and I will need to buy around 2000 Euros of tools which will last 3+ years before needing to be replaced, eg. specialised measurement devices, screw drivers etc.

    Are these tax deductible? Perhaps treated like a fixed asset, as I will be using them for several years?

    Or is the annual 'flat rate expenses' the only mechanism available to me?

    If my only course is 'flat rate expenses', who should I talk to regarding the monetary value of this annual expense as my intended occupation is not immediately obvious in the tables offered by the revenue?

    Thank you so much for your help.


Comments

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    #2
    Ciaran
    Registered Users Posts: 910 ✭✭✭Ciaran


    You write off the cost over 8 years as capital allowances.


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    #3
    jdk01
    Registered Users Posts: 24 ✭jdk01


    Hi,

    I would much prefer to do this. Thank you so much for your fast response.


    (Hopefully, other possible responses will offer a consistent solution.)


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    #4
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    jdk01 wrote: »
    Hi, I am sorry if this has been answered before, but I am struggling to see if this topic has been covered already.

    I am about to start a small watch and camera repair business and I will need to buy around 2000 Euros of tools which will last 3+ years before needing to be replaced, eg. specialised measurement devices, screw drivers etc.

    Are these tax deductible? Perhaps treated like a fixed asset, as I will be using them for several years?

    Or is the annual 'flat rate expenses' the only mechanism available to me?

    If my only course is 'flat rate expenses', who should I talk to regarding the monetary value of this annual expense as my intended occupation is not immediately obvious in the tables offered by the revenue?

    Thank you so much for your help.

    Flat rate expenses refer to PAYE employees. You appear to starting a self employment scenario where the normal rules in relation to expenses apply. You will be using these tools to generate your income and they will last over several years so Capital Allowances apply.

    https://www.revenue.ie/en/starting-a-business/claiming-a-deduction-for-expenses/index.aspx


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    #5
    jdk01
    Registered Users Posts: 24 ✭jdk01


    Hi, Thank you so much for your response. Kind Regards


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