It has been close to two decades since any changes in the reimbursement of civil service mileage rates were introduced. Owing to economic and environmental considerations, 1st April 2017 introduced the enforcement of significant changes to the dated system which will heavily impact the private sector. All businesses that reimburse their employees for business motoring expenses will begin to see the implications of the recent changes as following: An increase […]
As you may be aware, Revenue are currently operating a “clampdown” on all undeclared off-shore assets. This means that after 30th April 2017, any individual found to have any undeclared foreign assets (i.e. any foreign income including pension income, gains, bank accounts and assets) may be subject to penalties, publication as a tax defaulter and heavy prosecution. If you have any undeclared foreign assets (i.e. any foreign income including pension […]
Revenue are sending letters to 480,000 self-employed taxpayers, reminding them of an imminent deadline for disclosure of offshore assets. 30th April 2017 is the latest date by which a “qualifying disclosure” may be made by anyone who has undeclared income from foreign assets. By making such a disclosure anyone with undeclared income from abroad can avail of lower penalties and non-publication. Examples of such income would be rental income from […]
Capital allowances for energy-efficient equipment and motor vehicles Older taxpayers will recall the rush to purchase equipment and other fixed assets prior to the end of the tax year, as 100% deduction was available through free depreciation in the year of purchase. Unfortunately, such 100% deductions are long gone, with the exception of expenditure on energy-efficient equipment and vehicles. Until 2017 the scheme applied only to purchases of such equipment […]
The Finance Bill 2016 has now been enacted into law. This gives legal effect to the recent Budget. Most the changes have little impact. The help to buy scheme is probably the most significant new initiative, though it will benefit only first-time buyers of new houses. It takes the form of a rebate of tax paid over the previous four years and is capped at €20,000. Other changes include the […]
Long & Company Chartered Accountants, Newbridge, are delighted to announce that Larry Sheridan of Sheridan & Co has agreed to amalgamate his long established practice with ours. The enlarged firm will practice as Long & Company and will be managed by Declan Long. Larry is to continue as a Consultant. We have a team of experienced, qualified accountants and support staff led by Juanita Mahon, Associate Director. Juanita is an […]
Irish company law Irish company law as recently changed with the replacement of the 1963 to 2013 Companies Acts with the Companies Act 2014 (“The Act”). This Act runs to 1,300 pages and 1,440 sections. In this article we will set out a synopsis of some of the changes that may impact on our client companies and their directors. Most of the sections have recently commenced. The Act replaces the […]
The Finance Bill requires a business to repay VAT claimed on purchases where they have not paid the supplier within six months. Where payment is subsequently made, the VAT can be reclaimed in the period in which the payment is made. This comes into effect on 1st January 2014.
the Department of Finance proposal that self-assessed taxpayers should pay and file either in June or September, rather than in November as is currently the case, has been dropped. this followed strong opposition from the taxation and accountancy bodies. In our experience, many self-employed taxpayers are already experiencing difficulty in paying preliminary tax in November, due to the continuing recession in the domestic economy and the lack of bank credit.
If a person who has borrowed to acquire or enhance an asset is subsequently released from some or all of that debt, a deduction cannot be claimed for the amount of the debt forgiven, where the asset is subsequently disposed of. If the debt is forgiven after the asset has been disposed of then the debt release will be deemed to be a chargeable asset in that year and CGT […]