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 […]


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 […]

Revenue Focus On Construction Sector

Revenue have announced an increased focus on compliance risks in the construction sector. In recent reviews they have found that the VAT Reverse Charge is not being applied properly in a number of cases. In addition they have discovered issues with payments of Country Money and the operation of Relevant Contracts Tax. Read on to see what the issues are and how this could affect you. VAT Reverse Charge The VAT Reverse Charge was introduced on 1 September 2008. In brief it means that subcontractors do not need to charge and account for VAT on construction […]

Directors Loans Interest and Tax Issues

There is no particular rate required under legislation with regard to interest a company pays to its directors for the loans they advance to it. This means that it is up to the directors themselves to decide on the rate. However there are tax implications to consider if interest is paid to directors by the company. Tax deduction for the company, up to a “specified limit” of interest. The company can claim a tax deduction for the interest it pays to directors if that interest does not exceed the “specified limit”. The specified limit is 13% […]

When is a Company Financial Audit Required?

When is a company financial audit required

Under present legislation an Irish company’s annual financial statements must be  audited if it is a member of a group of companies. If it is not a member of a group the financial statements must be audited if it does not meet all of the following criteria in the current or preceding financial year; Annual turnover is less than €8,800,000 Total assets are  less than €4,400,000 Employee numbers are less than 50. In addition if the company is a bank or insurance company its Financial Statements must be audited. If the company has not filed its […]

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. […]

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. […]