Archive for November, 2017

To encourage residential property owners to offer vacant properties for rent, Budget 2018 introduces a new allowable deduction for pre-letting expenses.

If the residential property has been vacant for 12 months or more, the owner can claim up to €5000 in pre-letting expenses per property.  The expenditure must be revenue in nature – for example, repairs and maintenance.

If the property is withdrawn from ...

Budget 2018 introduces a 0% Benefit in Kind (BIK) rate from 1 January to 31 December 2018 on electric vehicles.  The current BIK rate on motor vehicles can be up to 30%.

Electricity used in the workplace for charging electric vehicles will also be exempt from BIK.

For a summary of the changes following Budget 2018 click here

The main changes in your pocket will be:

• Self employed tax credit – increased to €1,150 (up €200 from €900)

• Standard rate band – increased by €750 per annum.  A single worker will now have a standard rate cut off point of €34,550 & a married worker may have a standard rate cut off ...