SEAI 100% Tax Write Off
Companies can now write off 100% of their Full Charge Point Supply & Installation through Carcharger.ie & an SEAI incentive helping companies invest in energy efficient equipment.
Since May 2016, 54 of our products are exclusively available for this incentive through CarCharger.ie. This covers most of our commercial range. The complete list can be seen on the SEAI Triple E site. A sample of the product accreditation is seen here – EVPG0023/ACA.
WHAT IS THE ACA? The Accelerated Capital Allowance (ACA) is a tax incentive which aims to encourage companies to invest in energy saving technology. The ACA is based on the existing Capital Allowances tax structure (also referred to as Wear and Tear Allowance) for plant and machinery and is only applicable to eligible energy efficient equipment.
HOW DOES THE ACA WORK? With the existing Capital Allowances tax structure, when money is spent on capital equipment companies can deduct the cost of this equipment from their profits proportionally over a period of 8 years, i.e. the annual taxable profit is only reduced by 1/8 of the total equipment cost. With the new Accelerated Capital Allowance: When money is spent on eligible energy efficient capital equipment, the company can deduct the full cost of this equipment from their profits in the year of purchase, i.e. the taxable profit in year one is reduced by the full cost of the equipment. The ACA benefits you in year one by: Reducing your tax bill Increasing your cash flow
WHERE DO I FIND THE LIST OF ELIGIBLE EQUIPMENT? Equipment eligible for the ACA can be found on the Triple E Products Register on www.seai.ie/aca. To learn more about the ACA scheme, check out the latest ACA_Brochure or contact us at Carcharger.ie to discuss how you could benefit.
DO YOU QUALIFY FOR THE ACA? The ACA is available to companies that operate and pay corporation tax in Ireland.
HOW DO I CLAIM THE ACA? Claiming the ACA is very simple as the standard annual tax return procedure is the method used. The following are some simple guideline steps: Decide upon required piece of equipment Ensure product is on the Triple E Products Register during relevant accounting period before purchasing Claim the ACA for the purchased equipment on the company’s tax return form along with any other wear and tear allowances for machinery and plant To find out if the equipment you bought, or plan to buy, is eligible for the ACA just go www.seai.ie/aca where the up to date Triple E Products Register is maintained by the Sustainable Energy Authority of Ireland (SEAI). For more detailed and definitive information on how to claim the ACA please contact The Irish Revenue Commissioners (www.revenue.ie)
*Details are from the SEAI ACA Brochure