Business Advice

Undisclosed off-shore assets and income: Revenue Clampdown

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 […]

Personal Insolvency Bill 2012

The legal framework under which unsustainable personal debt is resolved has up to now been totally inadequate and out of line with other developed countries. It is hoped that the Personal Insolvency Bill, which is currently going through the Oireachtas, will redress the situation. The Personal Insolvency Bill was published on 29th June 2012 and it is expected to be enacted into law in mid-November. The Personal Insolvency Service, which […]

Property service charges

The need for service charges arises where a property is part of a larger development with shared services and common areas. In such cases, it is usual for a management company to oversee the collection of charges from owners or tenants, and to arrange necessary services. Such services typically include: Insurance of common areas; Maintenance of automated access, lifts etc Refuse disposal and cleaning Repairs and maintenance Security Sinking fund […]

Mortgage Forebearance Advice Scheme

The Department of Social Protection has set up a Mortgage Forebearance Advice Scheme. Lenders who offer certain mortgage forebearance arrangements to distressed private residence borrowers are required to advise the borrower to seek independent advice from a qualified practising accountant. The accountant will be selected by the borrower from a panel of Practising certificate holders. Long & Company are authorised to provide advice under the Scheme. The advice to be […]

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 […]

High Earner Restrictions

When this restriction was introduced in the Finance Acts 2006 and 2007 it was seen as a means of ensuring that “high earners” paid some tax on their income irrespective of the amount of tax reliefs available to them.  Briefly the reliefs restricted included, the various property reliefs, BES relief, film relief, exempt patent income, donations, etc. At the time the restriction was aimed at individuals with income in excess […]

Pensions and Saving Tax

Pensions have been used for some time now as a means of saving tax.  While most of us are familiar with the traditional relief for individuals and companies on pension payments made throughout a tax year there are several other ways in which pensions can be used to save tax including the following:  PENSIONS AND TERMINAL LOSS RELIEF Where a trade or profession is permanently discontinued and in the twelve […]

Coming to Ireland / leaving Ireland to work

Top 10 things to know about coming to Ireland / leaving Ireland to work Some types of income remain subject to Irish income tax even though an individual is no longer Irish tax resident, if so an Irish income tax return will have to be filed in respect of that income. Where an individual leaves Ireland on assignment and the salary remains paid through the Irish payroll a PAYE exclusion […]