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 […]

Taxation Tips You Can Avail of Before 31 October 2014

1.      Deadline date. Late filing will result in an automatic late filing surcharge of 5% of the tax liability if a return of income is filed within the first two months of the deadline and 10% of the tax liability if filed thereafter. Please note for directors the surcharge is based on the income tax liability before any credit for PAYE tax paid by the director. Revenue can also impose interest and penalties on the late payment of your income tax liability. 2.      Trading via a private limited company. The annual profits of a company are […]

New VAT rules for the place of supply of Telecommunications, Broadcasting & Electronic Services

With effect from 1 January 2015 new EU VAT rules in relation to the supply of the above services will come into effect. Currently the place of supply rules are: –          Supplies to private individuals within the EU by a supplier  established in the EU, the place where the supplier is located. –          Supplies to private individuals within the EU by a supplier established outside the EU, the place where the customer is located. With effect from 1 January 2015 the place of supply of the above services will be where the consumer resides. This means […]

Single Person Child Carer Credit

Up to and including the tax year 2013 the One Parent Family Credit was available to a parent (not living with a partner) and whose child lived with them for at least part of the year. With effect from 1 January 2014, the Single Person Child Carer Credit replaces the One Parent Family Credit. This credit is different to the One Parent Family Credit in that it is primarily only available to the primary claimant i.e. the person with whom the qualifying child resides for the whole or greater part of the year. The credit can […]

Page 3 of 812345...Last »