The seed capital scheme allows a refund of tax already paid for an investor who sets up and takes up employment in a new qualifying business. For example: Nicola earned €400,000 over 2011 / 2012 in PAYE income and paid €144,000 income tax She sets up a business in 2013 which qualifies for the seed [...]
Section 441 TCA 1997 provides for a surcharge on undistributed income of certain 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 The provision of professional services Or a company Which has or exercises [...]
One of the great things about using an online accounting package like Xero is the time you can save. There’s still certain points in everyones business where manual data entry is required. One of these points is raising sales invoices. Use the copy function- A lot of small businesses issue the same or similar invoice [...]
No. When calculating a VAT liability, retailers who account for VAT under a retailer’s scheme should simply exclude the levy from the sales / turnover figure. Retailers who do not use a retailer’s scheme should ensure that the levy is not included in the taxable amount for VAT.
Sometimes when dealing with suppliers in the EU you will be asked to provide a VAT certificate. This is simply a certificate of taxable status which can be ordered from the revenue on the following link http://www.revenue.ie/en/tax/vat/forms/vat66a.pdf In the short term the vendor can verify your VAT registration details on the following link [...]
Section 34 of the Finance Act 2011 provides for the extension of the 3-year tax relief for start-up companies to those companies which commence a trade in 2011. It also modifies the existing relief so that the value of the relief will be linked to the amount of employers’ PRSI paid by a company in [...]
I read an article this morning in the economist that London a city of 8 million people has just 24,000 long term empty homes. The article is available here This reminded me of a similar article I had read relating to Ireland on Bloomberg. The article stated that Ireland a country of 4.6m inhabitants has an [...]
There will be an increase from 12.5% to 13.5% in the specified interest rate to be used in calculating the taxable benefit arising on preferential loans. Where the preferential loan is a home loan, the specified rate will be decreased from 5% to 4%. Its important to note in this time of low interest rates that [...]
Changes will be put in place in 2014 to the maximum allowable pension fund at retirement. Tax relief on pension contributions will only serve to subsidise pension schemes that deliver income of up to €60,000 a year. This will take effect from 1 January 2014. Tax relief on pension contributions will continue at the marginal [...]
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Phone: 01-4800531
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Unit W9F
Ladytown Business Park
Naas
Co. Kildare
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Craughwell
Galway
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