Archive for the ‘Tax’ Category

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

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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 -1448 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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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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How does the seed capital scheme work

Apr 29

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 […]

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Professional Service Company Surcharge

Apr 29

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 […]

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Is there VAT on the plastic bag levy?

Apr 24

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.

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Where do I get a VAT certificate?

Apr 19

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   In the short term the vendor can verify your VAT registration details on the following link […]

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Corporation tax exemption for start up companies

Mar 17

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 […]

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New Motor Tax Rates 2013

Dec 13

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