Tax Relief for Dependent Relatives

Capital Gains Tax   An individual’s principal private residence, together with land occupied as its gardens or grounds up to a maximum of one acre, is exempt from CGT if the individual has used it as his / her principal private residence throughout his / her period of ownership.   In addition to the above relief, further relief may be available in respect of a gain arising to him / her on the disposal of a house which was used by a dependent relative as that relative’s sole residence. The house must have been provided to […]

STATE BENEFITS ARE TAXABLE!!

There is a common misconception that all benefits from the Department of Social Protection are not taxable. However this is not the case. The following are examples of some benefits which are not liable for tax: Jobseeker’s allowance Maternity benefit (however will be taxable from July 2013). Adoptive benefit Child benefit Bereavement grant Disability allowance Family income supplement The most common taxable benefits arising in practice are job seekers benefit, illness benefit, carer’s benefit, State pension and one parent family payment. Any individual in receipt of benefits from the Department of Social Protection is obliged to […]

The Local Property Tax (LPT)

LPT is based on the market value of the property. The property owner is required to self – assess the value of their property as at 1 May 2013. Where the property is valued at €1m or lower, the tax will be based on the mid – point of the relevant band at a rate of 0.18%. For properties valued over €1 million the tax will be charged at 0.18% on the first €1million of value and 0.25% on any balance in excess of €1million, with no banding applied. The LPT comes into force on 1 […]

Revenue Crackdown on Independent Contractors

Revenue is preparing a crackdown on thousands of engineers and IT professionals after uncovering “deliberate understatement” of tax by those who have set up companies to trade as independent contractors but work for a single client. The planned swoop, notified by revenue to tax advisers last week will concentrate initially on Cork, Limerick, Kerry and Clare, although a nationwide investigation is expected to follow. The current move represents the first attempt to extend the PAYE net to a growing army of IT professionals who prefer the flexibility of working as independent contractors. Revenue is offering reduced […]

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 […]

Tax Reminder: P35 Submission

The Revenue Online Service (ROS) will not accept a 2012 P35 Annual Return containing a negative USC amount if filed prior to Jan 28 2013. Negative USC can occur when employees receive USC refunds. Therefore a P35 with a negative USC amount must be filed between Jan 28 and Feb15 2013 which is the final deadline date. It appears that you cannot print a p45 if you are unfortunate enough to have an apostrophe in your surname! You have been warned! PDF

Mileage and Subsistence Update at November 26 2012

The tax free reimbursement of motor and subsistence expenses is becoming an area of increased focus for Revenue Audits which is resulting in companies being liable for interest and penalties due to non compliance with the regulations. Basic Rules Where directors and employees necessarily incur expenses of travel and subsistence (relating to the travel) in the performance of the duties of their office or employment the reimbursement of such expenses may within certain limits be made tax free.  The following conditions must be met: The director or employee must be temporarily away from their normal place of work […]

Health Levy Contribution Refunds

For the tax years 2008, 2009 and 2010, the exemption threshold for payment of the Health Levy was €26,000; this is €500 per week. If you earned more than €500 in any one week in the year, you would have been liable to the Health Levy but at the end of the year if your cumulative earnings are less then €26,000, you can obtain a refund of the health levy charged during the year. If you are entitled to a refund for 2008, 2009 or 2010, you should contact the Department of Social Welfare to claim […]

Supply of Goods and Services to other EU countries

Irish businesses who supply goods to VAT registered customers in other EU Member States without charging Irish VAT are required to submit a VIES return each month/quarter. Many businesses are not aware that from 1 January 2010 this obligation was extended to the supply of services. VIES returns can be submitted either monthly or quarterly and must include details of all VAT registered customers in other Member States to whom you have supplied goods or services without charging Irish VAT. Failure to file a VIES return can result in a penalty of €4,000. If you are involved in […]

Bike to Work Scheme Reminder

If a company decides to implement the Bike to Work Scheme, remember the scheme cannot only be made available to the directors of the company, it must be made available to all employees of the company. VAT cannot be reclaimed by the company on the cost of the bikes or associated equipment i.e. helmets, pumps, etc. More information on the scheme can be found at www.biketowork.ie. Any queries? Please leave a comment or contact me on blog@parfreymurphy.ie.   PDF

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