What happens if you sell a section 23 property early

May 8

If you have a section 23 property and you dispose of it within 10 years of the first qualifying lease the relief already granted is clawed back. All relief previously granted is treated as rental income in the year you dispose of the property.

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Revenue – Taking care of business events

Feb 5

Revenue are running their taking care of business event again in 2014. This is a great free event which I highly recommend for Small Business owners The dates are 11 March Limerick Strand Hotel 25 March Galway Radisson Blu 1 April Cork Silver Springs Further details are available on the revenue website http://www.revenue.ie/en/business/taking-care-of-business-event.html

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Is the household charge deductible for landlords calculating their rental income?

Jul 26

No. Revenue have indicated that the household charge is not an allowable expense for Case V rental income

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Pay and file deadline

When is the pay and file deadline for income tax

Jul 24

Pay and file deadline is the 31st of October 2013. Tax payers and their agents who file using Revenue Online get an extension to Thursday the 14th of November 2013 There are -391 days and -13 hours left until the pay and file deadline If you have to file an income tax return and require […]

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Xero – There was a problem importing the file

Jul 23

Unfortunately in Ireland we don’t have many banks supporting feeds into Xero so must import the files manually as CSV. If you are importing a bank statement into Xero as a CSV file and get the error “There was a problem importing the file” I have found that changing the format of the date into […]

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6 ways online accounting saves you money

Jul 22

We have been providing online accounting services for a few years now and we love it. Over that period our clients have been delighted to notice that as well as getting real time access to their financial information they are also saving money. We’ve listed the reasons below: Online accounting is free to upgrade: If […]

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Revenue announce phase 2 of Mandatory iXBRL filing

Jun 26

Yesterday the 25th of June 2013 Revenue announced that  Corporation Tax returns submitted after 1/10/2014 in respect of accounting periods ending on or after 31/12/2013 for companies over the audit threshold, as detailed in the companies bill 2012, must be filed with iXBRL accounts. The threshold is detailed below The balance sheet value of the company […]

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Xero Accounts – Bank Reconciliation button disappeared

Jun 16

If your using Xero and you notice that the bank reconciliation button has disappeared this simply means that all transactions have been reconciled. If you feel the need to double check this you can click manage on the account click reconcile there

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Invoice numbers on Wave accounts

Jun 14

If you migrate an existing business to Wave accounts, or are starting to use wave accounts for your new business. You may need to start your invoices numbers with something other than the default 1. To do this: When you raise your first invoice using Wave accounts , hold your mouse over the invoice number […]

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Late filing penalty on income tax returns and the local property tax

May 28

There’s a small section in the local property tax legislation which is very relevant to the self employed. For example a single person with self employed income of €50,000 would pay approximately €16,781 in income tax. If your local property tax return isnt filed your income tax return can be hit with a late filing […]

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