Revenue have recently begun writing to self-assessed taxpayers to make sure they are aware of how to correct any errors that have been made in, or any omissions from, any tax return they have filed. You will be aware that Revenue carries out a range of checks to ensure that returns are filed and are correct. If you are concerned that you may need to correct a tax return, it is important for you to know that there are significant advantages available, if you make any necessary corrections before Revenue contacts you. By doing this, you […]

October 31st Tax Return Filing – Are You Ready?

October 31st is fast approaching! Just a little more than 2 months left for anyone under self-assessment to submit their tax return and pay their tax bill. What October 31st means… If you’re under self-assessment, either on or before October 31st you must… Make your tax return for the 2015 tax year. Pay any balance of tax due for 2015. Pay Preliminary Tax for 2016. What do you need to? Right now… If you’ve not already contacted your accountant and provided the information they need to prepare your accounts and tax return, then you should do […]

Save Tax – Benefit In Kind Exemption For Travel Passes

For some years an exemption has been available where an employer can purchase a bus, rail or ferry pass for an employee under an approved salary sacrifice arrangement. The exemption means that no tax is payable on the benefit-in-kind. Recently Revenue issued a clarification to show that an employee can enter into one of these salary sacrifice arrangements, with their employer’s agreement, more than once a year and the exemption will still apply. Remunerating staff in a tax-effective manner can make a difference in attracting and retaining good quality employees. So, where you have staff commuting […]

Revenue Powers to Estimate PAYE Due from Employers

If the Revenue has reason to believe that an employer has understated or not declared PAYE then they have the power to make estimates of the tax due. These can be monthly or yearly estimates. When Would The Revenue Decide To Issue An Estimate? Generally speaking the Revenue can do so if it has any reason to believe that the total amount of tax that an employer is liable to remit under the PAYE regulations is greater than the amount actually remitted. In practice this usually boils down to 2 scenarios: The employer has failed to […]

Changes to Home Carer Tax Credit

With effect from 2016 and future years the Home Carer Tax Credit has been increased to €1,000. Previously this has been running at €810 a year. In addition the income limit for the carer has been increased to €7,200 from €5,080. Once this limit is exceeded then the amount of tax credit due is tapered downwards. Once income for the carer has exceeded €9,200 (€6,700 in previous years) then no tax credit is due. What is the Home Carer tax credit? The Home Carer tax credit can be claimed by married couples or couples in a […]

Income Tax Exemption for “Relevant” Directors

From January 1st 2016 certain travel and subsistence expenses incurred by “relevant” directors have been exempted from income tax. A “relevant” director is defined as a non-executive director of a company who is not tax resident in Ireland. In order to meet the exemption criteria the expenses must be incurred solely for the purpose of attending a meeting of the company where the director: is attending in their capacity as a director; and is attending for the purpose of conducting the affairs of the company. Both of these criteria must be met to claim the exemption. […]

Tax Exemption for Water Conservation Grant

Anyone who registered their principal private residence with Irish Water by 30 June 2015 was invited to apply for a Water Conservation Grant. This is an annual payment administered by the Department of Social Protection, on behalf of the Department of the Environment, Community and Local Government. For a transition period, Irish Water have a “first fix free” scheme that will fix some customer leaks. Some leaks, though, may be internal to the house and these do not appear to be covered by this scheme. Therefore the Water Conservation Grant can be used to help with […]

Employees Tax Free €500 Bonus

Employers can reward employees under the Small Benefits Exemption Scheme with a non-cash bonus of up to €500 completely tax free this year 2015. If guidelines are followed neither the company nor the employee will pay PAYE, PRSI or USI with a potential saving of over €650. To qualify for the tax exemption, only one tax-free bonus may be paid to each employee in any one year. If more than one bonus is given in a year, it is only the first one that will qualify for tax-free status, even if this bonus is less than […]

Benefits In Kind Targeted By Revenue

Directors who have not paid benefit in kind (BIK) tax on company loans are currently being targeted by the Revenue Commissioners. This can result in substantial tax liabilities as the Revenue are also applying interest of 13.5% on the loans when they are calculating the BIK tax payable. And penalties and interest could more than double the amount due. It currently appears, if directors make a BIK declaration before a Revenue Audit is notified, penalties and interests may not be applied. Any BIK tax due may be levied on the individual director involved if the company […]

The immediate Double Benefit to Reduce Your Taxes Now!

The deadline for filing 2014 income tax returns is 31 October 2015 or 12 November 2015 where returns are filed and the tax paid through ROS. You can reduce your 2014 tax liability by making a pension contribution on or before 31 October 2015 or on or before 12 November 2015 and backdating the income tax relief against the 2014 tax year. Tax relief is available on pension contributions at the highest rate of income tax paid. The maximum pension contribution you can make on which you will receive the tax relief is dependent on your […]

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