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 […]

Dividend Withholding Tax Exemption

Dividend Withholding Tax Exemption

Where an Irish resident company pays a dividend, it should consider any Dividend Withholding Tax (DWT) implications which may arise. The basic principle is that DWT must be deducted at the time the distribution is being made unless the company has satisfied itself that the recipient is a non-liable person and is entitled to receive the distribution without deduction of DWT. Companies must withhold DWT at the standard rate of tax for the year in which the distribution is made, currently 20%. It must be paid to the Revenue Commissioners by the 14th of the month […]

Outstanding VAT RTD Causes Cash Flow Problems

Regulation 24(1) of the Value-Added Tax Regulations 2010 requires all VAT registered traders to submit a VAT Return of Trading Details (RTD) on an annual basis following the end of the respective accounting period. The RTD is a statistical form which provides a summary of supplies of goods and services, imports and purchases giving rise to deductible input VAT at the various VAT rates. The return includes all Irish, intra-EU and non-EU trade carried out by the Irish business. The VAT exclusive value of the supply of goods and services should be included. All turnover including turnover at […]

Entrepreneur Relief

An individual only may claim relief from CGT in respect of a chargeable gain arising on the disposal of qualifying business assets. There is a lifetime limit of €1 million on the gains made on or after 1 January 2016 that you can claim relief on. If you can claim this relief, you will pay CGT at the rate of 10% on gains from the disposal of business assets. This is reduced from the normal rate of 33%. Up to 31 December 2016, gains from such disposals are charged at 20%. The qualifying business assets must have […]

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 […]

A SURE INVESTMENT – STARTUP REFUNDS FOR ENTREPRENEURS

SURE – Startup Refunds for Entrepreneurs is a tax relief incentive scheme. You may be entitled to an income tax refund of up to 41% of the capital that you invest in your own company under SURE. Depending on the size of your investment you may be entitled to a refund of income tax paid over the 6 years prior to the year in which you invest. Main Conditions The conditions for SURE are that an investor must: Establish a new company carrying on a qualifying trading activity Have mainly PAYE income in the previous 4 […]

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 […]

The Dreaded Annual Return Date (ARD) for Limited Companies!

A limited company’s Annual Return date (ARD) is the date the Annual Return form is made up to for filing with the Companies Registration Office (CRO). The Annual Return form B1 must be filed within 28 days of the ARD otherwise the company’s Financial Statements will be subject to audit for 2 years. The first ARD date is 6 months after the company has been incorporated and cannot be changed. After the company year-end date has been decided, the second ARD can be extended by six months maximum by filing forms B1 and B73. However there […]

TAX TREATMENT OF TERMINATION PAYMENTS

Termination Payments Tax Treatments

Are you AN EMPLOYEE leaving your current employment? Are you in receipt of a lump sum from your employer? Or are you AN EMPLOYER making a termination payment to a staff member or a group of staff?  Do you know how to process these payments correctly through your payroll and avoid costly mistakes?  Are you aware of the appropriate tax treatment of same? The calculations of the exemptions and reliefs relating to termination payments can be complex and detailed.  We can guide you through the options and help you structure any termination payments in an efficient […]

Capital Acquisitions Tax (CAT) Update 2016

Capital Acquisitions Tax (CAT) comprises an Inheritance tax charged on taxable inheritances taken and a gift tax charged on taxable gifts taken. Very simply an inheritance is a gratuitous benefit taken on a death and a gift is a gratuitous benefit taken otherwise than on a death. The tax is currently charged at 33% on the taxable value of the gift or inheritance above the appropriate threshold. The taxable value is arrived at by calculating the market value of the gift or inheritance and then deducting any specific allowable amounts and any consideration paid by the […]

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