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CORPORATION TAX W2 - Coggle Diagram

- - - - Trading Profits
      - Taxable Amount = Tax adj profit
        
        Profit before tax
        
        Add-backs
        
        Deductions
      - Capital Allowances
    - - ADD BACK FOR REVISED LIABILITY
    - - Rental Income from Irish Property
      - Income RECEIVABLE
      - ALLOWABLE EXPENSES
        
        Pre-Letting expenses
      - RESTRICTIONS
        
        100% loan interest residential property & RTB Registered
      - CAPITAL ALLOWANCES
    - - Franked Investment Income
  - - - Proceeds - Incidental costs
      - Less Costs + Incidental costs of purchasing
      - Capital Gains Tax rate 33%
    - - 2 Convert Capital Gain to Chargeable Gain
        
        Capital Gain *33% / 12,5%
        
        Tax Rate 12.5%
        
        Effect: SAME AMOUNT of tax paid
- - - - INCOME EXPENSE
        
        Trading
        
        Interest on underpayment of tax
        
        Rental
        
        Add back loan interest on rental property, not case I
        
        Charge
        
        Treat same as PATENT ROYALTY, ADD BACK what's in the accounts, THEN, SUBTRACT from Tax Adjusted Profit
    - - Legal Fees
      - Depreciation
    - - General
      - specific
    - - Patent Royalties
      - Certain LOAN INTEREST
    - - MOTOR VEHICLE LEASES
        
        ADD-BACK on CO2 Emissions
        
        ALLOWABLE ELEMENT
        
        D/E Lease Charge (*LOWER €12,000 or 50% Cost Price)/List Price
        
        F/G Nil
        
        A/B/C Lease charge * 24,000/List Price
        
        LEASE CHARGE - ALLOWABLE ELEMENT = ADD BACK OR DEDUCTION
        
        FINANCE LEASE
        
        Add back INTEREST in IS
        
        Deduct INTEREST(IS) + CAPITAL PAYMENTS(BS)
        
        Ignore PERSONAL