Income Tax Exemption for “Relevant” Directors

From January 1st 2016 certain travel and subsistence expenses incurred by “relevant” directors have been exempted from income tax. A “relevant” director is defined as a non-executive director of a company who is not tax resident in Ireland. In order to meet the exemption criteria the expenses must be incurred solely for the purpose of attending a meeting of the company where the director: is attending in their capacity as a director; and is attending for the purpose of conducting the affairs of the company. Both of these criteria must be met to claim the exemption. […]

Benefits In Kind Targeted By Revenue

Directors who have not paid benefit in kind (BIK) tax on company loans are currently being targeted by the Revenue Commissioners. This can result in substantial tax liabilities as the Revenue are also applying interest of 13.5% on the loans when they are calculating the BIK tax payable. And penalties and interest could more than double the amount due. It currently appears, if directors make a BIK declaration before a Revenue Audit is notified, penalties and interests may not be applied. Any BIK tax due may be levied on the individual director involved if the company […]

Close Company Surcharge

The corporation tax rate of 12.5% may increase if the close company surcharge is relevant to your company. The close company surcharge provisions discourage rolling up investment, rental and professional income in companies by imposing an additional tax on such income retained and not distributed by the close company. Section 441 Taxes Consolidation Act 1997 provides for a surcharge on certain undistributed income of service companies.  The section defines a service company as including close companies where the principal part of the company’s income is derived from the carrying on directly of a profession or the […]


  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 […]

Tax Relief for Tuition Fees 2014/2015

Tax Relief on Tuition Fees

For approved courses at approved third level education colleges there is a tax relief for fees paid. An individual can claim tax relief on fees paid in respect of any person as long as the qualifying fees have been paid. Qualifying fees means tuition fees including the Student Contribution but excludes registration fees and examination fees. The maximum limit on qualifying fees for the academic year 2014/2015 is €7,000 per individual per course. This limit is reduced by €2,750 for a full time student and €1,375 for a part time student. If fees for the academic […]

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 […]

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 […]

Local Property Tax (LPT) Last Chance To Pay – 31 March 2014!!

If you are a residential property owner for one or more properties and you: Haven’t paid the 2012 Household Charge, or Haven’t filed and paid your 2013 and 2014 LPT, or Have undervalued your property, or Claimed an exemption you were not entitled to, you have until 31 March 2014 to bring your LPT affairs (including the Household Charge) up to date and avoid interest and penalties. This is your last opportunity to pay before Revenue launch a nationwide compliance programme. Please note that if you do not avail of this opportunity interest will be charged […]

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