Revenue Chairman comments on “shadow economy” In her opening statement before the Public Accounts Committee last Thursday, Revenue Chairman Josephine Feehily spoke about the shadow economy. She commented that the shadow economy grows in times of recession “as people look for ways to replace lost income or profits”. In 2010 Revenue “placed great emphasis on tacking cash economy risks by a combination of risk analysis, intelligence collation, assurance checks and […]
Unannounced Revenue visits are on the increase. This point has been brought up at the recent ITI Branch Network Meeting with Revenue in East South East Region. Traders need to be aware that a Revenue Auditor can at all reasonable times call unannounced to a premises where they believe a trade is being carried on. Records can be requested and can be removed for further investigation. In relation to cash businesses Revenue […]
The present system of recovering VAT on business expenses incurred in other EU countries is cumbersome, as it is carried out manually and applications must be made to the Revenue authorities in each country. Electronic processing is being introduced on 1st January 2010. This will enable taxpayers and their agents to file claims electronically to the Irish Revenue, using ROS. Revenue will then forward the claims to the tax authorities of […]
“It is Revenue’s position that locums are engaged under a contract of service (i.e. that they are employees) and that their remuneration comes within the scope of PAYE”. This statement was contained in letters sent to GPs in the South-West Region in the last month. However, Revenue approach to this isue has varied from district to district. This situation is unhelpful, as in addition to the PRSI cost of 10.75% […]
Income tax pay and file 2009 The deadline for filing 2008 income tax returns for self-employed and directors is 31st October 2009. This deadline is extended to Monday 16th November for those filing using the Revenue Online filing System. Tax relief is available for 2008 for pension contributions paid by 31st October 2009. In certain circumstances this payment deadline may be further extended (to 16th November if filing and paying […]
Revenue are currently investigating funds held in Trusts and funds held in Single Premium Insurance Products (“SPIPs”). Approximately 80,000 policies fall into the latest round of examination.