Capital gains tax (CGT) deadline 15th December 2017

Anyone who has made a capital disposal between 1st January 2017 and 30th November 2017 must pay CGT by 15th December 2017. The filing date for this disposal is 31st October 2018. Anyone who has made a capital disposal between 1st December 2017 and 31st December 2017 must pay CGT by 31st January 2018. The filing date for this disposal is 31st October 2018. Capital disposals include sales of shares, […]

Reimbursement of Civil Service Mileage Rates

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 […]

Pay & File for Self Assessed Income Tax and Capital Acquisitions Tax

The deadline for filing the 2011 income tax return and capital acquisitions tax (CAT) return for year ended 31 August 2012 is fast approaching. Individuals who file the 2011 income tax return (Form 11) and make the appropriate payment through ROS for: Preliminary Tax for 2012, Income Tax balance due for 2011, the due date is extended to Thursday, 15th November 2012. For beneficiaries who received gifts or inheritances with valuation […]

High earners restriction

Revenue recently published a report on the impact of the high earners restriction.  This report showed that in 2010 Revenue achieved the objective of ensuring that individuals with an adjusted income of €400,000 or more paid an effective rate of tax of 30% .  1,544 individuals were subject to the restriction in 2010 and the additional tax take in 2010 was €80m up from €38.8m in 2009.

Tax relief for tuition fees

With effect from the 2007 tax year individuals can claim relief on fees paid for 3rd level courses at a rate of 20% subject to a cap as set out below. Academic Year            Cap 2007/2008                   5,000 2008/2009                   5,000 2009/2010                   5,000 2010/2011                    5,000 2011/2012                    7,000 It should be noted that relief is not available in relation to: any part of the tuition fees that are met directly or indirectly by grants, scholarships, […]

PRSI and the Health Levy

A brief guide to PRSI and the Heath Levy PRSI PRSI stands for “pay related social insurance” and it is a charge towards the cost of social insurance benefits & pensions such as, unemployment benefit, maternity benefit, old age pension, etc.  PRSI is payable by both employees and self employed individuals aged between 16 & 66 with income over certain limits. PRSI is broken down into two separate groups – […]

Expenses for Self Employed and Employees

We have found over the years that an area which causes some confusion to taxpayers is the question of expenses and what can/cannot be claimed.  In this regard we have set out below a summary of the criteria which must be considered when deciding whether an item is/is not deductible.  This has been broken down into self employed taxpayers and employees as the rules are different for both groups. Self […]

Share Schemes – An Overview

There are a number of share schemes available to companies, each with its own set of rules, tax treatments and reporting requirements.  Below is an overview of the main schemes and their key features. APPROVED PROFIT SHARING SCHEMES (APSS’s) An APSS must be set up under a trust deed and must receive Revenue approval.  Once approval has been obtained an employee can receive shares up to a value of €12,700 […]