Archive for the ‘Tax’ Category

Benefit in kind on preferential loans – Budget 2013

Dec 13

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 […]

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Budget 2013 update

Dec 7

Budget 2013 on Prezi

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How much preliminary Tax to pay

Nov 19

Preliminary Tax Preliminary Tax is the estimate of Income Tax and USC / PRSI payable by you for a tax year and must be paid by 31 October in the year in question.(This may be extended if paying and filing on Revenue online ROS) In calculating your Preliminary Tax payment you should ensure that it […]

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Do I have to notify the revenue if I open a foreign bank account

Sep 26

In any year in which you open a foreign bank account you are a ‘chargeable person’. This means that you are required to file a tax return in which you must declare, among other things, the name and address of the financial institution where the account is located, the date on which the account was […]

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Pay and File – 10 Tips to make your life easier

Sep 5

The pay and file deadline is fast approaching. Revenue have announced that Thursday the 15th of November 2012 will be the deadline for customers filing using ROS. The October 31st deadline remains for paper filers. If your filing yourself or using an accountant / tax consultant the following tips should help you out   1. […]

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Universal Social Charge

Sep 5

The Universal Social Charge (USC) came into effect on 1 January 2011. It replaced both the Income Levy and the Health Contribution. It is a tax payable on gross income, including notional pay, after relief for certain capital allowances,but before pension contributions. There is an annual exemption threshold of €4,004 up to 31 December 2011. This threshold […]

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Employer paying course or exam fee’s

Jul 6

Refunds of course or exam fees to an employee which have been paid by the employee, or direct payments of course or exam fees by the employer, will not be treated as giving rise to a taxable benefit where the course undertaken is relevant to the business of the employer. A course is regarded as […]

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Employers gift to employees / Christmas Bonus

Jul 6

Where an employer provides an employee with a small benefit (that is, a benefit with a value not exceeding €250) PAYE, PRSI and Levies need not be applied to that benefit. Only one such benefit given to an employee in a tax year will qualify for such treatment. Where a benefit exceeds €250 in value […]

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Sole trader loss

Sole trader losses

Oct 27

One of the most common questions new clients ask before starting their business is should I incorporate a company. I have covered the advantages of a limited company over a sole trader in the past. But if your business (like so many others) looks like it will make a loss in the first few years […]

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Employee or Self Employed

Oct 27

The issue of employee or self employed was very topical with the revenue comissioners early this year. In particular in relation to locums. This blog post is a quick reminder of the questions which employers should ask them selves when determining whether a worker is employed or self employed. If you hire sub contractors on […]

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