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 […]

One parent family tax credit

The one parent family tax credit can be claimed if you are a single parent, i.e. widowed, single, separated or divorced, and you have a child who is dependent on you.  The child must reside with you for the whole or part of the year to claim the credit. A child includes: A child of your own A stepchild A formally adopted child An informally adopted child or any child […]

New RCT system

For the first 3 months of 2012 there was a freeze on the RCT withholding tax rates at either 0%, 20% or 35%.  That arrangement is now finished and with effect from 1 April 2012 the withholding tax rates applied to subcontractors can change at any time depending on their compliance record.  Where there is a change in RCT rates, Revenue will advise both the subcontractor and the principals invovled.  […]

EU VAT repayment claims

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 […]

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 […]

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 […]