ADS advices
12 Nov 2024Viewed: 896
Assets are resources controlled by a company that provide or are expected to provide economic benefits in the future. In accounting, assets are divided into current (short-term) and non-current (long-term) based on their nature and useful life. Below, we explore their classification, write-off rules, depreciation methods, and tax benefits available in Ireland.
1. Asset Classification
11 Nov 2024Viewed: 642
In Ireland, tax obligations apply to various categories, including self-employed individuals, owners of significant company shareholdings, and landlords. It is important to understand all nuances that can affect tax liability, reporting requirements, and potential tax reliefs.
Self-Employed Individuals:
9 Nov 2024Viewed: 822
“Postponed Accounting” is a mechanism for businesses in Ireland to manage the VAT on imports from outside the EU, including the UK (except Northern Ireland for VAT purposes), as part of their VAT return. This scheme is designed to support cash flow by allowing businesses to account for and reclaim import VAT in their next VAT3 return, rather than having to pay it upfront at the point of importation. Here is a more detailed explanation based on the guidelines from the Irish Revenue: