Offshore assets

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 […]

Year-end tax planning

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 […]

Finance Act 2016

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 and Sheridan & Co

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 […]

Company Law Update

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 […]

Repayment of input VAT

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.

Proposal to make self-assessed taxpayers pay and file sooner has been dropped

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.

Debt write-off is not deductible for CGT

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 […]

CGT on debt write-offs

The Finance Bill contains a provision that a CGT deduction is not allowable in the event that debt is written off (by a financial institution). Furthermore if debt is forgiven after the related asset is disposed of then the debt release will be deemed to be a chargeable asset in that year and a CGT liability may arise. According to Revenue the purpose of the amendment is to ensure that […]

VAT on sales and hire of horses up from 4.8% to 9% 1st May 2014

In order to comply with a judgement in the European Court of Justice case against Ireland, the VAT rate applying to the sale or hire of live horses and the supply of greyhounds is being increased from 4.8% to 9% on 1st May 2014. However the 4.8% rate will continue to apply to supplies of cattle, sheep, goats, pigs, deer and those horses intended for use in the preparation of foodstuffs […]