UK Subsistence and IRHA

UK Subsistence IRHA

The Irish Road Haulage Association (IRHA) have an arrangement with Revenue on the payment of UK subsistence. To avail of this arrangement a firm must be an IRHA member and if not an IRHA member the generic Revenue guidance document for subsistence applies. It is important to note that any payments to drivers in respect of subsistence must be supported by full and compete records. Failure to maintain these records will result in the entire payments made to drivers being treated as taxable, grossed up for tax purposes and PAYE/PRSI/USC being levied on the employer (plus potential Revenue interest […]

Income Tax refund 2014

As there is a four year limit on claiming Income Tax refunds, 31 December 2018 is the deadline date for filing your 2014 return if you are entitled to a refund. If you file your claim after that date you will not receive any refund. In 2017 Revenue stated that refunds on tax credits totalled €27.6m. The average refund is about €900/€1,100. It is opportune that you check your position for 2014 and subsequent years to ensure you receive your correct tax credits and allowances for items such as medical expenses, nursing home fees, tuition fees […]

PAYE Modernisation

PAYE Modernisation

Introduction PAYE modernisation is a real-time reporting (RTR) payroll system which takes effect on January 1, 2019 and will enable Revenue to ensure that employees are receiving their correct tax credits and cut-off points so that the correct deductions are being applied for every employee throughout the year when they are paid as compared to the current PAYE reporting system which is done by the preparation and filing of P35’s on an annual basis. This ensures that Revenue have accurate information for employees at all times and also employees will have full online access in real […]

The Taxation of Cryptocurrencies in Ireland

Crytpocurrency Taxation

While cryptocurrencies are not legal tender in Ireland an investment in them is subject to taxation. Revenue’s view is that an investment in cryptocurrency is the same as a share investment and accordingly should be subject to Capital Gains Tax at 33%. If you are dealing in cryptocurrencies you need to make a declaration to Revenue even if you have incurred losses. A PAYE individual needs to complete a CG1 Return whereas a self employed individual can declare it on Form 11. CGT on profits made between January 1 and November 30 must be paid by […]

Payroll 2018

The following is a brief introduction to payroll including how to register the business and employees, how best to operate a payroll system and details of what Revenue returns are required. Registering as an Employee The first step in registering employees is to register the business as an employer. This is usually done when first registering for tax by submitting either Form TR1 (sole-traders and partnerships) or Form TR2 (companies) to the local tax district. Tax registrations are now mostly completed online using the Revenue Online Service – ROS at www.revenue.ie. Registering as an Employee The onus on […]

EMPLOYEES ANNUAL 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 2017. If guidelines are followed neither the company nor the employee will pay PAYE, PRSI or USC 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 […]

QUALIFYING DISCLOSURE REVENUE DEADLINE

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 […]

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