Property Tax Letters

On Monday 11 March 2013 Revenue  begun sending letters  to about 1.6m households regarding the Property Tax. The first payments will be demanded in May. An online property valuation guide is now available on the Revenue website to allow property valuations to be checked. The Revenue Commissioners anticipate a 97% compliance rate PDF

Employer Job Incentive Scheme

If you are an employer you can save money while giving to the community by creating a job. In fact, we had one lucky client who will save €3,225 over the next 18 months. Read on….. The Employer Job (PRSI) Incentive Scheme exempts employers from liability to pay their share of PRSI for certain employees. The scheme is open to employers who create new and additional jobs.To qualify for the Scheme both the job you create and the person you employ must meet certain criteria. If you qualify for the scheme you will be exempt from […]

PAYE Reporting in the UK

Any employers who are running payrolls in the UK need to note that from 6 April 2013 employers will have to start reporting PAYE information to HMRC in real time. This means that employers (or their accountant) will have to:   Send details to HMRC every time they pay an employee, at the same time they pay them. Use payroll software to send this information electronically as part of their routine payroll process.   PDF

Tax Relief for Dependent Relatives

Capital Gains Tax   An individual’s principal private residence, together with land occupied as its gardens or grounds up to a maximum of one acre, is exempt from CGT if the individual has used it as his / her principal private residence throughout his / her period of ownership.   In addition to the above relief, further relief may be available in respect of a gain arising to him / her on the disposal of a house which was used by a dependent relative as that relative’s sole residence. The house must have been provided to […]

STATE BENEFITS ARE TAXABLE!!

There is a common misconception that all benefits from the Department of Social Protection are not taxable. However this is not the case. The following are examples of some benefits which are not liable for tax: Jobseeker’s allowance Maternity benefit (however will be taxable from July 2013). Adoptive benefit Child benefit Bereavement grant Disability allowance Family income supplement The most common taxable benefits arising in practice are job seekers benefit, illness benefit, carer’s benefit, State pension and one parent family payment. Any individual in receipt of benefits from the Department of Social Protection is obliged to […]

The Local Property Tax (LPT)

LPT is based on the market value of the property. The property owner is required to self – assess the value of their property as at 1 May 2013. Where the property is valued at €1m or lower, the tax will be based on the mid – point of the relevant band at a rate of 0.18%. For properties valued over €1 million the tax will be charged at 0.18% on the first €1million of value and 0.25% on any balance in excess of €1million, with no banding applied. The LPT comes into force on 1 […]

Revenue Crackdown on Independent Contractors

Revenue is preparing a crackdown on thousands of engineers and IT professionals after uncovering “deliberate understatement” of tax by those who have set up companies to trade as independent contractors but work for a single client. The planned swoop, notified by revenue to tax advisers last week will concentrate initially on Cork, Limerick, Kerry and Clare, although a nationwide investigation is expected to follow. The current move represents the first attempt to extend the PAYE net to a growing army of IT professionals who prefer the flexibility of working as independent contractors. Revenue is offering reduced […]

Do You Have Holiday Cottage VAT Issues?

Do you have Holiday Cottage VAT issues? Concerns have been raised recently, in connection with Holiday Cottage schemes,  from representatives of  management companies and from owners/investors. Generally VAT has not been considered by either parties for changes made in either the management of the scheme or the owners use of the investment. The key concerns revolve around VAT compliance concerns, VAT liability issues and opt out/termination matters. We can help owners/investors to avoid potential VAT liabilities on their investments and work with management companies in addressing VAT compliance issues in order to provide a VAT neutral […]

Tax Reminder: P35 Submission

The Revenue Online Service (ROS) will not accept a 2012 P35 Annual Return containing a negative USC amount if filed prior to Jan 28 2013. Negative USC can occur when employees receive USC refunds. Therefore a P35 with a negative USC amount must be filed between Jan 28 and Feb15 2013 which is the final deadline date. It appears that you cannot print a p45 if you are unfortunate enough to have an apostrophe in your surname! You have been warned! PDF

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