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 […]

Personal Tax Credits and Reliefs

In the current economic climate it would seem obvious that everyone would claim all tax credits and reliefs available to them. However it is our experience that a large number of taxpayers are not doing this due to a lack of time or a lack of awareness. In this regard we have outlined below the most common tax credits/reliefs which can be claimed and any requirements which must be met. […]

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 […]

Pay and File 2009

In order to avail of the ROS extended deadline of 16th November, both the tax return and payment must be made through ROS. For those filing a paper form 11, returns must be delivered to the Collector General’s office by 9a.m. on Monday 2nd November. In calculating the preliminary tax liability for 2009 on the basis of 100% of the 2008 liability, the payment of preliminary tax must be adjusted […]

Self-employed or employee?

“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% […]

Tax update 5th October 2009

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 […]