Accounts Advice Centre » Tax News

BUDGET 2017

accountsadvice — Wed, 12 Oct 2016 00:39:50 +0000

Today the Minister for Finance Michael Noonan T.D. delivered Budget 2017. Until the Brexit negotiations begin it is impossible to know the impact for Ireland however today’s Budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth. The [...]

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TRUSTS – Tax Heads to keep in mind.

accountsadvice — Tue, 07 Jun 2016 08:49:21 +0000

When setting up a Trust, it is essential to take into consideration the following tax heads. INCOME TAX The tax residence of the trustees is what determines the extent of their liability to Irish income tax. If all the trustees are Irish resident then they are liable to Irish income tax on the [...]

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Revenue eBriefs since 1st January 2016

accountsadvice — Wed, 18 May 2016 14:08:28 +0000

Are you aware of how many changes to our tax system have been implemented between 1st January 2016 and today? eBrief No. 52/2016: Requirement for Security Bonds Section 960 S TCA 1997 eBrief No. 51/2016: Rental Income eBrief No. 50/2016: Recent enhancements to VAT Return of Trading Details (RTD) in ROS eBrief No. 49/2016: Tax Treatment of [...]

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Share Buy Backs

accountsadvice — Wed, 18 May 2016 12:39:58 +0000

What happens in a Share Buy Back Situation? Providing the shareholder meets the necessary statutory conditions, the company can buy back its shares from that shareholder thereby allowing him/her to get the benefit of the Capital Gains Tax treatment as opposed to the more costly Schedule F Treatment. In other words if the CGT [...]

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Tax Credit for Research & Development (“R&D”) Expenditure

accountsadvice — Tue, 08 Mar 2016 14:37:53 +0000

A company and not a sole trader is entitled to a tax credit equivalent to 25% of qualifying R&D expenditure incurred in a particular accounting period which can be offset against the corporation tax liability. For accounting periods beginning on or after 1st January 2015, the base year restriction has been removed which means the credit [...]

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AGRICULTURAL RELIEF

accountsadvice — Tue, 01 Mar 2016 17:51:05 +0000

As Tax Advisers, we’re frequently asked to advise business owners stepping down from running their businesses; individuals passing the farm or business to one or more family members or providing for the next generation with assets other than business assets. To provide the most accurate, relevant and comprehensive advice possible, it is essential that [...]

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Preparing your own 2015 Tax Return

accountsadvice — Mon, 01 Feb 2016 15:34:38 +0000

For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of: Research & Development Tax Credits Capital Allowances for the Provision of Specified Intangible Assets Three Year Relief for Start-up Companies Employment and Investment Incentive (EII) Company Residence [...]

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15th December 2015 – Capital Gains Tax Payment Deadline

accountsadvice — Thu, 10 Dec 2015 16:54:52 +0000

The due dates for the payment of your Capital Gains Tax liability arising in the tax year 2015 are as follows: 15th December 2015 if you made any disposals or transfer of assets in the period 1st January 2015 to 30th November 2015 inclusive. 31st January 2016 for all asset disposals and transfers made between 1st and 31st December 2015 [...]

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BUDGET 2016

accountsadvice — Wed, 14 Oct 2015 11:37:19 +0000

The Minister for Finance Michael Noonan T.D. presented his 2016 Budget yesterday which outlined a wide range of changes to the tax system with particular emphasis on personal taxation, initiatives to begin equalising the tax treatment of the self-employed and employees as well as steps to support businesses in Ireland. The key features of yesterday’s [...]

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Exposure to UK CGT for non-residents

accountsadvice — Wed, 30 Sep 2015 12:19:14 +0000

When faced with a large tax bill and the administrative burden of having to file Tax Returns in two jurisdictions, people always regret not getting professional taxation advice BEFORE they completed the transaction. Over the past number of years I’ve been contacted by several Irish citizens returning home from the UK where they’ve lived [...]

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