Does Your Office Need New Art?
We have the perfect Kickstarter reward that could brighten up the whole office. For the Office Fit Out Reward, you can claim either 3 or 5 large pieces of origianl art by Peter Gordon. The listed finish is acrylic, as this tends to suit the office environment, sleek, modern and defined. We can, however, provide a variety of finishes including traditional framing, diabond and tray frames. The choice is yours.
The great bonus here is that most of the money spent can be reclaimed.. If you take a look at the Copper House Gallery Website they have had this to say:
PURCHASING ART – CAPITAL ALLOWANCES
In Ireland, an art buyer can allow the purchase cost of artwork against tax, provided that the artwork is placed in his/her place of business where the public can view it. Suitable sites are reception areas, common access meeting rooms and canteens. The establishment of a company art collection is a very ‘tax-effective’ acquisition as the annual ‘wear and tear allowance’ on this capital expenditure is, at the time of writing, 12.5% per annum and, consequently, most of the purchase price can be recovered.
Wear & Tear – Legislation S284 TCA 1997 states:
A trader who incurs capital expenditure on machinery or plant is entitled to a wear and tear allowance if the asset is in use for the purpose of his trade at the end of the basic period for the tax year.
The annual wear and tear allowance is 12.5% on a straight line basis. Where a corporate or individual tax payer buys a work of art and displays it at their business premises for the purpose of promoting their business, the work of art is treated as machinery or plant, and is eligible for the annual wear and tear allowance of 12.5%.
Your accountant should be consulted regarding any intended art related investments and any necessary approval by the Revenue Commissioners.
A win, win for everyone .. Make sure to stop by our Kickstarter page and take a look .. Best Wishes .. Peter