TAX TREATMENT OF TERMINATION PAYMENTS

Termination Payments Tax Treatments

Are you AN EMPLOYEE leaving your current employment? Are you in receipt of a lump sum from your employer? Or are you AN EMPLOYER making a termination payment to a staff member or a group of staff?  Do you know how to process these payments correctly through your payroll and avoid costly mistakes?  Are you aware of the appropriate tax treatment of same? The calculations of the exemptions and reliefs relating to termination payments can be complex and detailed.  We can guide you through the options and help you structure any termination payments in an efficient […]

Capital Acquisitions Tax (CAT) Update 2016

inheritancetax

Capital Acquisitions Tax (CAT) comprises an Inheritance tax charged on taxable inheritances taken and a gift tax charged on taxable gifts taken. Very simply an inheritance is a gratuitous benefit taken on a death and a gift is a gratuitous benefit taken otherwise than on a death. The tax is currently charged at 33% on the taxable value of the gift or inheritance above the appropriate threshold. The taxable value is arrived at by calculating the market value of the gift or inheritance and then deducting any specific allowable amounts and any consideration paid by the […]

October 31st Tax Return Filing – Are You Ready?

Tax-Return

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 […]

Tax Issues On Buying And Renting Residential Property In Ireland

BuyingResidentialProperty

Perhaps you’re thinking of moving to live in Ireland, or maybe you already live here. What are the tax issues you need to be aware of on buying or renting a residential property? Renting… When you rent a residential property then there is no tax relief available on the rent you pay. This applies whether you’re renting from a landlord or sharing a house with someone else. If you run a business from home then it may be possible to claim a proportion of your rent cost as a business expense in your accounts. This would […]

How to get a PPS number

PPS

If you have a job offer or are thinking of moving to Ireland to work you’ll soon become aware of the importance of having a PPS number. The tax system in Ireland works by taxing your entire income at particular rates. You need to apply for credits that will reduce the amount of tax deducted. To do this, when you start your first job in Ireland you’ll need to complete and sign a Form 12A (available from revenue.ie). But, in order to have the form accepted by Revenue you’ll need to have a PPS number. A […]

The immediate Double Benefit to Reduce Your Taxes Now!

IncomeTax2014

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 […]

Tax Relief for Tuition Fees 2014/2015

Tax Relief on Tuition Fees

For approved courses at approved third level education colleges there is a tax relief for fees paid. An individual can claim tax relief on fees paid in respect of any person as long as the qualifying fees have been paid. Qualifying fees means tuition fees including the Student Contribution but excludes registration fees and examination fees. The maximum limit on qualifying fees for the academic year 2014/2015 is €7,000 per individual per course. This limit is reduced by €2,750 for a full time student and €1,375 for a part time student. If fees for the academic […]

Do You Have Holiday Cottage VAT Issues?

Do you have Holiday Cottage VAT issues? Concerns have been raised recently, in connection with Holiday Cottage schemes,  from representatives of  management companies and from owners/investors. Generally VAT has not been considered by either parties for changes made in either the management of the scheme or the owners use of the investment. The key concerns revolve around VAT compliance concerns, VAT liability issues and opt out/termination matters. We can help owners/investors to avoid potential VAT liabilities on their investments and work with management companies in addressing VAT compliance issues in order to provide a VAT neutral […]

Choosing an Investment Adviser

You wish to invest and may have received some general advice possibly from more than one source and you are not sure which adviser to choose. When you are deciding use common sense to assist you. Check how long he has been in business. How large is his business? What qualifications or experience does he have? What computer back-up and information service does he have? Is he bonded in accordance with Section 47 of the Insurance Act 1989? Does he appear honest and competent? Are you satisfied with his independence and integrity? Has he a goodRead More

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Spring Cleaning your Personal Finances

The Consumers’ Association of Ireland (CAI) has come up with good advice for managing your personal finances. It recommends ways to dust down your direct debits and put a new shine on your savings. Credit cards By shopping around for credit cards, you can save considerable interest and charges. The CAI says it is best to choose a credit card that has a good rate for purchases, rather than for balance transfers. Here are some tips to avoid excessive costs on your credit card: Pay your bill in full by the due date and avoid payingRead More

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