This Capital Allowances template is for sole traders, self-employed, freelancer individuals and companies.
When you purchase assets (like van, machine, laptop, phone, equipment etc.) you can not claim that expense in full in your income tax return. Assets are items which you use over the long-term to help you to generate income. That’s why you need to apportion purchase price over the period of time. Standard capital allowances in Ireland is 12.5% of asset purchase price (plant and machinery), it means that purchase price expense is deducted over the 8 years time. For example for a van which you purchased for €30,000 you can reduce your income by €3,750 value of capital allowances and you will reduce it with this amount following 8 years.
This template helps you calculate your capital allowances for assets you purchased during your tax year.
Input each item into separate row and calculate your capital allowances for tax year. You can use it for next year, only take your closing balances and input them into opening balances and get your capital allowances next year as well.
You can choose document format as follows:
MS Excel 2007 Onward – size: 21 KB;
PDF – size: 37 KB
PDF version is mainly to be filled in pen as a standard form.