I have cash in the bank do I qualify for the wage subsidy scheme?

Potentially yes (Provided you meet the other qualifying criteria e.g turnover down 25%)

Revenue say” An employer that has been hit by a significant decline in business but has strong cash reserves, which are not required to fund debt, will still qualify for the Scheme but the Government would expect the employer to continue to pay a significant proportion of the employees’ wages. “

Is an employer obliged to top up the COVID19 Wage Subsidy Scheme

Short answer no!

Revenue say ” The employer is expected to make best efforts to maintain the employee’s net income as close as possible to normal net income for the duration of the Subsidy period. There is no minimum amount that the employer must pay as an additional payment in order to be eligible for the scheme, but the employer will need to enter at least €0.01 in Gross Pay when running its payroll. “

So if you are not topping up the scheme you must add a payment amount of €0.01 on to have the PSR accepted

How long does the COVID-19 Wage Subsidy Scheme Last

The COVID-19 Wage subsidy scheme started on the 26th of March 2020 and is expected to last 12 weeks

COVID-19 information for Irish SME’s

COVID-19 / Coronavirus information for Irish SME’s

  1. Revenue will engage with any viable business that experiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.  Details here 
  2. The government have made available an initial package for business of €200 million . (Haven’t given details on this yet) 
  3. Self-employed people will be entitled to receive either illness benefit (€305pw)  or non-means tested supplementary welfare allowance 
  4. The waiving the requirement for six waiting days for sick pay in respect of medically certified cases of self-isolation in accordance with public health guidelines
  5. The removal of the means test requirement for Supplementary Welfare Allowance in respect of medically certified cases of self-isolation
  6. To contain the transmission of Covid-19, the personal rate of Illness Benefit will be increased from €203 per week to €305 per week for a maximum period of two weeks of medically certified self-isolation, or for the duration of a person’s medically-certified absence from work due to Covid-19 diagnoses
  7. If you have to temporarily reduce an employees hours or temporary lay them off they may be entitled to social welfare payments. It’s critical proper procedures are applied at this stage. Details here

VAT on goods shipped outside EU

For exports of goods that are dispatched by the seller from Ireland to non-EU countries, the place of supply is Ireland and the 0% rate can be applied where the seller can show evidence that an export to a non-EU Country has taken place

Flat rate expenses for PAYE workers

FLAT RATE EXPENSES20182017
Agricultural Advisers (employed by Teagasc)671671
Archaeologists: (Civil Service)127127
Architects employed by
(a) Civil Service127127
(b) Local Authorities127127
Airline Cabin Crews6464
Bar trade: Employees9393
Building Industry
Bricklayer175175
Fitter mechanic, plasterer103103
Electrician153153
Mason, roofer slater, tiler, floor layer, stone cutter120120
Driver, scaffolder, sheeter, steel erector5252
Professionals: engineers, surveyors, etc.3333
General operatives (labourers etc. incl. Public Sector)9797
Bus, rail and road operatives in
Bus Atha Cliath, Bus Eireann and Iarnod Eireann160160
Cardiac Technicians
Female212212
Male107107
Carpentry and joinery trades
Cabinet makers, Carpenters, Joiners220220
Painters, Polishers, Upholsterers, Wood Cutting Machinists140140
Civil Service
Architectural Technologists & Assistants166166
Clerks of Works (incl. Senior and District Inspectors)142142
Engineering Technicians for Archaeologists, Architects, Engineers and Surveyors166166
Park Rangers and constables employed by the Office of Public Works7777
Clergymen (Church of Ireland)127127
Consultants (hospital)695695
Note: Deduction includes subscription to the Irish Medical Council
Cosmetologists
Obliged to supply and launder their own white uniforms160160
Defence Forces Personnel
(All enlisted personnel not in receipt of Uniform Replenishment Allowance)150150
Dentists in employment376376
Dockers7373
Doctors (hospital, including consultants)695695
Note: Deduction includes subscription to the Irish Medical Council.
Draughtsmen (Local Authority)133133
Driving Instructors125125
Note: This amount represents an annual allocation of half the biannual statutory ADI fee payable to the Road Safety Authority
Engineers employed by:
(a) Civil Service166166
(b) Local Authorities127127
(c) Eircom, Coillte, OPW166166
Engineering Industry [and Electrical Industry from 1997/98]
Skilled workers who bear the full cost of own tools and overalls331331
Semi-skilled workers who bear the full cost of own tools and overalls254254
All unskilled workers and skilled or semi-skilled workers who do not bear the full cost of own tools and overalls219219
Firefighters Full-time272272
Firefighters Part-time407407
Fishermen in Employment318318
Foresters employed by Coillte166166
 Freelance actors chargeable to PAYE750750
Grooms (Racehorse Training)294294
Home Helps (Employed directly or indirectly by Health Boards)256256
Hospitals Domestic Staff:
To include general operatives, porters, drivers, drivers, attendants, domestics, laundry operatives, cooks, catering supervisors, waitresses, catering staff, kitchen porters
(a) who are responsible for providing and laundering their own uniforms.353353
(b) who are obliged to launder the uniforms supplied185185
(c) whose uniforms are supplied and laundered free9393
Hotel industry
Head hall porter9090
Hall porter6464
Head waiter127127
Waiter8080
Waitress8080
Chef9797
Manager191191
Assistant Manager127127
Trainee Manager7878
Kitchen Porter2121
Journalists
Journalists, including those in public relations area of journalism381381
Journalists who receive expense allowances from their employers153153
Local Authorities
Executive Chemists115115
Parks Superintendents4040
Town Planners115115
Mining Industry
(a)miners/shift bosses underground, mill process workers/shift bosses and steam cleaners13121312
(surface workers)655655
Motor repair and motor assembly trades
Assembly workers, greasers, storemen and general workers
(a) who bear the full cost of own tools and overalls5252
(b) who do not bear the full cost of own tools and overalls4242
Fitters and mechanics
(a) who bear the full cost of own tools and overalls8585
(b) who do not bear the full cost of own tools and overalls4242
Panel Beaters (See Panel Beaters/Sheet Metal Workers
Nurses:
(a) where obliged to supply and launder their own uniforms733733
(b) where obliged to supply their own uniforms but laundered free638638
(c) where obliged to launder the uniforms supplied353353
(d) where uniforms are supplied and laundered by hospital258258
Nurses: Short Term Contracts through an Agency. Additional Amount Due8080
Nursing Assistants(including attendants, orderlies and nurses’ aides)
(a) where obliged to supply and launder their own uniforms526526
(b) where obliged to supply their own uniforms but laundered free440440
(c) where obliged to launder the uniforms supplied234234
(d) where uniforms are supplied and laundered by hospital9393
Occupational Therapists
(a) where obliged to supply and launder their own uniforms217217
(b) where obliged to supply their own uniforms but laundered free153153
(c) where uniforms are supplied and laundered by hospital5252
Optometrists/Dispensing Opticians in employment
Optometrists
Registration Fee – once off fee paid initially in year 1250250
Retention Fee – payable in 1st year and each subsequent year285285
Restoration Fee – payable to re-register with the Opticians Board279279
Dispensing Opticians
Registration Fee – once off fee paid initially in year 1200200
Retention Fee – payable in 1st year and each subsequent year225225
Restoration Fee – payable to re-register with the Opticians Board215215
Panel Beaters / Sheet metal Workers
(a) Who bear full cost of own tools and overalls7878
(b) Who do not bear full cost of own tools and overalls4040
Pharmacists400400
Pharmaceutical Assistants (formerly known as Assistant Pharmacists)200200
NOTE These amounts represent the Annual Retention Fee payable to the PSI
Physiotherapists
(a) where obliged to supply and launder their own uniforms381381
(b) where obliged to supply their own uniforms but laundered free318318
(c) where uniforms are supplied and laundered by hospital6464
Pilots (Airline Pilots Association)275275
Plumbing trades
Plumber (non-welder)177177
Plumber-welder205205
Pipe fitter-welder205205
Printing Bookbinding and allied trades
Bookbinders (Hand)109109
Bookbinders (Others)9797
Compositors, linotype and monotype operators121121
Copy Holders, photo lithographers, photo engravers and workers in T and E section of newspapers114114
Monotype caster attendants, stereotypes and machine minders135135
Readers and revisers100100
Rotary machine minders and assistants150150
Others (e.g. cutters, dispatchers, rulers, warehousemen)9090
Professional Valuers in the Valuation Office680680
Radiographers
(a) where obliged to supply and launder their own white uniforms242242
(b) where obliged to supply their own white uniforms but laundered free143143
(c) where white uniforms are supplied and laundered by hospital7373
Respiratory & Pulmonary Function Technicians191191
RTE National Symphony Orchestra24762476
RTE Concert Orchestra24762476
Shipping
British Merchant Navy
Foreign-going trade:
(a) First class passenger and cargo liners.
Master318318
Chief officer, chief engineer, other officers, including pursers318318
Chief steward318318
Assistant steward244244
Carpenter194194
Other ranks148148
(b) Cargo-vessels, tankers, ferries
Master318318
Chief officer, chief engineer, other officers, including pursers318318
Chief steward318318
Assistant steward244244
Carpenter194194
Other ranks148148
British home or coasting trade:
Master318318
Chief officer, chief engineer, other officers, including pursers318318
Chief steward318318
Assistant steward244244
Carpenter194194
Other ranks148148
Mercantile marine officers and crews of Irish ships
Foreign-going trade: cargo vessels
Master9898
Chief officer, chief engineer, radio officer9090
Other officers including pursers7373
Chief steward7373
Assistant steward5555
Carpenter (to include tools)5555
Other ranks, including boys3737
Home trade:
(a) Cross channel and continental
Master9898
Chief officer, chief engineer, radio officer9090
Other officers, including pursers7373
Chief steward7373
Assistant steward5555
Carpenter (to include tools)5555
Other ranks including boys3737
(b) Coasting vessels
Master9898
Chief officer, chief engineer, radio officer9090
Other officers,
including pursers7373
Chief steward7373
Assistant steward5555
Carpenter (to include tools)5555
Other ranks, including boys3737
Shop Assistants
(including supermarket staff, general shop workers, drapery and footwear assistants)121121
Surveyors employed by:
Local Authorities127127
Civil Service127127
Coillte127127
Teachers
Teachers [excluding guidance counsellors, third-level academic staff and physical education teachers]
School principals608608
Other teachers518518
Part-time teacher (on full hours)518518
Part-time (not on full hours)279279
Guidance Counsellors
(a) employed full-time in second level schools518518
(b) engaged mainly in teaching general subjects but also doing part-time guidance counselling (additional allowance)126126
Third level academic staff
Professor, Heads of Schools/Departments608608
Senior lecturer518518
College lecturer518518
Assistant lecturer518518
Part-time lecturer (on full hours)518518
Part-time lecturer (not on full hours)279279
Physical education teachers (teacher must hold qualification in physical education)
(a) fully engaged in teaching P.E.518518
(b) engaged mainly in teaching general subjects but also doing part-time P.E. (additional allowance)126126
NOTE: Teachers who are employed by the Department of Education may also claim a deduction in respect of the subscription to the Teacher’s Council of Ireland
Veterinary Surgeons in Employment
Employed vets who incur, and are not reimbursed the cost of the Registration Fee to the Veterinary Council621621
Employed vets who do not incur, or are reimbursed the cost of the Registration Fee to the Veterinary Council171171
Veterinary Nurses
Where obliged to supply and launder their own uniforms400400
Where obliged to launder the uniforms supplied150150

What happens if you sell a section 23 property early

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.

Revenue – Taking care of business events

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

When is the pay and file deadline for income tax

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

[insert_php]
$date = strtotime(“October 31, 2013 11:59 PM”);
$remaining = $date – time();
$days_remaining = floor($remaining / 86400);
$hours_remaining = floor(($remaining % 86400) / 3600);
echo “There are $days_remaining days and $hours_remaining hours left until the pay and file deadline”;

[/insert_php]

If you have to file an income tax return and require a quotation please do not hesitate to contact us on 01-4800531

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

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 penalty. This penalty starts at 5% and after two months goes up to 10%.

So in the case above the late filing penalty could be €1,678 + interest on the local property tax + penalties.

This penalty appears to be capped at the amount of the local property tax due:
Full details :
http://www.irishstatutebook.ie/2012/en/act/pub/0052/print.html#sec38