2015 Employer Tax Credit Certificates (P2Cs) Further to our November 2014 Notice to Employers, Revenue wish to advise all employers and pension providers that 2015 P2Cs for all employees will be uploaded to ROS on Monday 15th December 2014. Revenue is requesting that employers, where possible, hold back running 2015 payrolls until they receive the 2015 P2Cs. Where an employer/pension provider has not received 2015 P2Cs in time to run January 2015 payroll(s), they should continue to use the 2014 P2Cs for tax deductions and follow the instruction found in question 4.33 of the USC […]

Revenue focus on employee share option schemes

Revenue is pursuing millions of euro in unpaid tax from workers in some of the biggest companies based in Ireland. The Revenue is focusing on employees who cashed in company shares but failed to pay tax owed on profits made from share options. Revenue is calling this a “compliance programme” for people who exercised a share option within their company in recent years. People who sell shares at a profit are due to pay capital gains tax, which is imposed at a rate of 33pc. Some employees/directors may have mistakenly thought they did not have to […]

New 10 euro notes

This week saw the introduction of a new 10 euro banknote with enhanced security features and a fresher look. Like the new 5 euro note launched last year, the design has several enhancements that should prove much more difficult to forge. The note’s hologram and watermark include a portrait of Europa, the Greek mythological figure whose story inspired the ancient Greeks to use “Europe” as a geographical term. It also has an emerald number which when tilted changes colour from emerald to deep blue. Due to such features the term “Feel, look, and tilt” has been […]

Installation of Water Meters and RCT

Water charges

RCT or Relevant Contracts Tax applies to payments made by a principal contractor to a subcontractor under a relevant contract (this is a contract to carry out, or supply labour for the performance of relevant operations in the construction, forestry or meat processing industry). RCT applies to both resident and non-resident contractors operating in these industries. In relation to the installation of water meters Revenue have issued an eBrief setting out their position that this is a construction operation for the purpose of RCT. This is the position regardless of whether the installation of the water […]

Director Held Personally Liable For Debts Of Company

Director held personally liable for debts

This article appeared in Irish Times on Friday 6 June 2014 Richard Mockler, a Bentley and Porsche car dealer in west Dublin, has been disqualified as a company director for five years and been ordered by the High Court to be held personally liable for €250,000 of its debts. Mr Mockler, who blamed the publicity of a 2007 Criminal Assets Bureau raid on his business for dealing it “fatal blows”, consented to both orders, but he denied allegations of fraud. Mr Mockler’s wife and fellow director Janette Mockler was also disqualified for one year, by High […]

Personal Benefits of Volunteering

Volunteering does not have to be a purely altruistic activity. Getting involved can benefit you too! Volunteering can be a fantastic resource in terms of developing new skills, testing career options, meeting people and generally opening up new opportunities. These benefits often go unspoken as volunteering is about helping others. Isn’t it? Finding the right volunteering option for you is about being honest about what you hope to achieve. If in the process you further the goals of your particular volunteering project it’s a win-win. Below are some of the personal and professional benefits one can […]

Budget 2014 – Changes to Tax Relief on Health Insurance Premiums

Budget 2014 announced changes to the amount of tax relief at source which applies to health insurance policies. With effect from 16th October 2013, all new health insurance policies and renewals will have a maximum of 20% tax relief per adult applied to gross premiums up to €1,000. This means the maximum tax relief will be €200. For children*, the gross premium is capped at €500. This means the maximum tax relief will be €100. This replaces the former tax relief at source of 20% of the total gross premium, where there was no capping on the […]

Home Renovation Incentive

The Home Renovation Incentive (HRI) provides tax relief for you by way of an income tax credit at 13.5% of qualifying expenditure on: • repair, • renovation, or • improvement works.   These works must be carried out on your main home by HRI qualifying Contractors. The amount of your HRI tax credit depends on the amount you spend on qualifying works. You need to spend over €4,405 (before VAT) to qualify for the HRI tax credit. This €4,405 (before VAT) can be the total from any number of jobs carried out and paid for from […]

VAT – Moneys Received Basis of Accounting

With effect from 1 May 2014 the turnover threshold for traders who account for VAT on the moneys received basis (also known as cash receipts basis) was increased to €2m from €1.25m. Under the invoice basis a trader is liable to account for VAT when an invoice is issued to a customer. Whereas under the moneys received basis a trader is liable to account for the VAT on an invoice when payment is received from the customer. Conditions to Qualify To qualify for the moneys received basis a trader must satisfy one of the following two […]

How To Approach Business Meetings

It can be difficult to get the most out of business meetings. When you are busy they can feel like an additional time pressure you could do without and at other times they can be frustrating and leave you feeling like nothing has been accomplished. Below is a list of ways to ensure your meeting is efficient and productive: Start and finish on time – if needs be appoint someone to keep an eye on the time. A lot of business meeting can run a lot longer due to time wasted simply waiting around for the meeting […]

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