Deductible expenses

There is a large number of expenses that may be deducted before arriving at your final tax payable to the Revenue. Big Bucks leaves no stone unturned in exhausting all the “deductibles” applicable to you in order to reduce your tax burden to the barest minimum amount legally payable. Some of these “allowable deductions” are as follows:

• Repairs & Maintenance.
• Expenses such as cleaning, painting, and decorating are allowable. Also, rot treatment, mending windows, doors, and windows.
• Capital Allowances.
• Depreciation; cost of wear and tear. 
• Insurance.
• Insurance premiums against fire and public liability are allowable expenses.
• Mortgage Protection Premiums.
• The policy must relate specifically to the rented property.
• Accountancy Fees are charged.
• Fees are paid to letting agents or property management companies. 
• Mortgage Interest Relief.
• Mortgage Interest paid on a rental property.
• Residential Tenancies Board (RTB).
• Mortgage Interest Relief allowance.
• Home renovation incentive scheme.
• Tax credits. 
• Losses incurred in previous years can be used to offset current-year profits. 
• Motor expenses.
• Insurance costs.
• Office supplies.
• Office rent.