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 […]
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 […]
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 […]
Revenue have confirmed that approximately 60,000 individuals who are ROS filers will receive notification electronically about their LPT obligations by the following means: letter providing information on LPT will be issued to their ROS inbox. An email will be sent to the email address that is associated with the person’s ROS account notifying them that correspondence has been sent to their ROS inbox. Please note that this information will only […]
Revenue have updated leaflet IT18 – Incapacitated Child Tax Credit – a full copy of the updated leaflet can be found by clicking on the following link: http://www.revenue.ie/en/tax/it/leaflets/it18.html
Proprietary directors need to ensure that they meet the tax filing deadlines as late return submission can result in significant unforeseen liabilities. Where an individual is a proprietary director i.e., owns more than 15% of the share capital of a company he/she is obliged to file a tax return under the self-assessment regime. In this regard a tax return must be filed by 31 October following the end of the […]
In response to the large number of queries relating to the local property tax Revenue have published an update on their website. To see the full update please click on the link below. http://www.revenue.ie/en/press/2013/pr-220313-local-property-tax.html
The Personal Insolvency Bill was enacted into law on 26th December 2012. An Insolvency Service is currently being set up to administer the legislation. Lorcan O’Connor has been appointed Director designate of the Insolvency Service. It will be some months before the first insolvencies can be registered with the Service, but it is likely that an initial trickle of applications will increase greatly in the coming months and years. Debts […]