New VAT rules for the place of supply of Telecommunications, Broadcasting & Electronic Services

With effect from 1 January 2015 new EU VAT rules in relation to the supply of the above services will come into effect. Currently the place of supply rules are: –          Supplies to private individuals within the EU by a supplier  established in the EU, the place where the supplier is located. –          Supplies to private individuals within the EU by a supplier established outside the EU, the place where the customer is located. With effect from 1 January 2015 the place of supply of the above services will be where the consumer resides. This means […]

Single Person Child Carer Credit

Up to and including the tax year 2013 the One Parent Family Credit was available to a parent (not living with a partner) and whose child lived with them for at least part of the year. With effect from 1 January 2014, the Single Person Child Carer Credit replaces the One Parent Family Credit. This credit is different to the One Parent Family Credit in that it is primarily only available to the primary claimant i.e. the person with whom the qualifying child resides for the whole or greater part of the year. The credit can […]

VAT NUMBER CHECK

You can check the validity of any EU VAT number by logging onto the following website: http://ec.europa.eu/taxation_customs/vies/vieshome.do?selected Procedure: Enter Member State of customer from drop down list Enter VAT number (without country prefix) Click on “Verify” The system will tell you whether the VAT number is valid or invalid. Some EU Member States provide information such as customer name and address on this site but the majority only inform the user whether the VAT number entered is valid or invalid. If you need to verify that the name and address for your EU customer correspond with […]

What Revenue Fines And Penalties Are There?

What Revenue fines and penalties are there? The Revenue Commissioners can impose various levels of fines and penalties for the incorrect or fraudulent use of the Irish tax system. The main penalties being imposed are for: Late submission of tax returns Non filing of tax returns Errors or fraudulent declarations on tax returns Late payment of taxes due. The level of neglect or misconduct determines the penalty that will apply. For example in a Revenue Audit case the lowest penalty that Revenue can impose is 3% but the highest penalty is 100% of the tax liability. […]

Changes to VAT RTD

VAT registered traders are reminded of their obligation to submit an annual statistical Return of Trading Details (RTD) in Revenue. As mandatory e-filing applies to the majority of VAT-registered traders, Revenue Online Service or ROS is the primary channel for submission of the RTD. The annual RTD form was introduced by Revenue in an effort to simplify the administrative process in relation to calculating the annual total VAT on purchases and sales at its various rates. A recent redevelopment of the process and renewed push towards compliance means that changes to the current filing system are […]

Benefits in Kind and Revenue Audits

Based on our recent experiences with Revenue Audits it has transpired that a particular area of Revenue interest is whether benefits-in-kind have been taxed through the employer’s payroll correctly or if at all. Subject to certain exceptions, benefits-in-kind including private use of a company car, free or subsidised accommodation and preferential loans from an employer to an employee whose total remuneration (including benefits-in-kind) is €1,905 or more in a tax year are taxable. Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration. […]

Budget 2014

Income Tax With effect from 1 January 2014 the One Family Parent Tax Credit will be replaced by the Single Person Child Carer Credit. This credit will only be available to the principal carer. Tax Relief at Source (TRS) for medical insurance relief will be restricted to the first €1,000 per adult and the first €500 per child insured. Top slicing relief will no longer be available for ex-gratia payments from 1 January 2014. DIRT rate will increase from 33% to 41% from 1 January 2014. Tax relief for interest on a loan to acquire an […]

Can you claim tax relief on management fees?

Homeowners from the Celtic tiger era know the harsh reality of paying the dreaded management fee each year.  It’s become a bitter pill to swallow, with many feeling that they don’t get much in return – except empty wallets! So is there any respite? Well, there is something – tax relief on bin charges. Tax relief can be claimed on bin charges and tags paid on an annual basis. Now the relief has been abolished since 2011 but all is not lost as claims can be made for prior years as far back as 2008. The […]

Diesel Rebate Scheme

The Finance Act 2013 includes provisions for the Diesel Rebate Scheme where repayment of a portion of the Mineral Oil Tax on auto diesel used in certain qualifying motor vehicles will be repaid to qualifying road transport operators. The scheme will apply to purchases on or after 1st July 2013. The maximum amount repayable will be 7.5 cent per litre. The revenue is currently updating ROS to allow for the registration and filing of these returns and hope to have ROS compatible by the end of the year.  For more information see www.revenue.ie.       PDF

Cycle To Work Scheme

The purpose of the scheme is to encourage employees to cycle to and from work. Under the scheme an employer may provide an employee with a bicycle and safety equipment without an employee being liable for benefit in kind subject to a limit of €1,000. The scheme may be implemented under a salary sacrifice arrangement through the employee’s payroll. The full cost must be recovered within a period of twelve months or less. The employee can avail of this scheme once every five years. The bicycle and safety equipment are exempt from tax therefore the employee […]

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