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Tax News

  • Trump Administration releases US tax reform plan April 28, 2017 - 2017 Tax Reform for Economic Growth and American Jobs The Biggest Individual And Business Tax Cut In American History    Top Line: . The U.S. tax code is overcomplicated and fails to create enough jobs, or provide relief to middle class families. -          Since 2001, the U.S. tax code has faced nearly 6,000 changes, more [...]
  • Amendment to the DWELLING HOUSE EXEMPTION February 2, 2017 -     Everyone is aware that significant changes were introduced in the 2016 Budget but have you thought what they might mean for you?   Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free [...]
  • RENTAL EXPENSES IRELAND – High Court decision in Revenue Commissioners v Thomas Collins January 13, 2017 -   The High Court decision in Revenue Commissioners v Thomas Collins has just been published. It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.   What was the NPPR Charge? The NPPR (Non Principal Private Residence) [...]
  • CORPORATE TAX – Payment and Filing January 10, 2017 -   Corporation Tax Returns The Irish corporation tax system operates on a self-assessment basis.  Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.   Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable [...]
  • CORPORATE TAX – RESIDENCE & REGISTRATION January 10, 2017 - Registration If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form: http://www.revenue.ie/en/tax/vat/forms/formtr2.pdf http://www.revenue.ie/en/tax/vat/forms/formtr2-nonresident.pdf   The information required to register includes: 1. Your [...]
  • BUDGET 2017 October 12, 2016 - 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 [...]
  • TRUSTS – Tax Heads to keep in mind. June 7, 2016 -   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 [...]
  • Revenue eBriefs since 1st January 2016 May 18, 2016 -   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 [...]
  • Share Buy Backs May 18, 2016 -   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 [...]
  • Tax Credit for Research & Development (“R&D”) Expenditure March 8, 2016 - 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 [...]
  • AGRICULTURAL RELIEF March 1, 2016 -   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 [...]
  • Preparing your own 2015 Tax Return February 1, 2016 - 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   [...]
  • 15th December 2015 – Capital Gains Tax Payment Deadline December 10, 2015 - 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 [...]
  • BUDGET 2016 October 14, 2015 - 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 [...]
  • Exposure to UK CGT for non-residents September 30, 2015 - 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 [...]
  • Do you provide digital services to Japan? September 24, 2015 -   If you’re a provider of digital services to customers in Japan, please be aware that the changes being introduced on 1st October 2015 may affect you.   Old Rules Under the Consumption Tax Act (Act No. 108 of 1988), a service rendered in Japan is subject to Consumption Tax which is equivalent to VAT [...]
  • REVENUE GUIDANCE DOCUMENTS FOLLOWING FINANCE ACT 2014 January 13, 2015 -   A number of Revenue Guidance Documents have been introduced following Finance Act 2014 being signed into law on 23rd December 2014.   This article will be focusing on the following documents:   Transfer of a Business to a Company (Section 600 Taxes Consolidation Act 1997 Relief and Assumption of Business Debt) – eBrief no. [...]
  • E.U. NEWS – The Corporation Tax (Northern Ireland) Bill January 12, 2015 - The Corporation Tax (Northern Ireland) Bill was published on 8th January 2015.  The British Government hopes the Bill will be passed before the UK General Election in May.   The Bill, if passed, would allow Northern Ireland to apply its new Corporation Tax rate on most trading profits from April 2015.   The current rate [...]
  • BUDGET 2015 October 14, 2014 -   Budget 2015 was announced today.   Here is a brief Summary of some of the Taxation Measures for introduction in Ireland in 2015   INCOME TAX  There will be an increase in the standard rate band of income tax by €1,000 from €32,800 to €33,800 for single individuals and from €41,800 to €42,800 for [...]
  • COMPLIANCE 2014 – CAPITAL ACQUISITIONS TAX October 13, 2014 -   The 2010 Finance Act introduced a fixed pay and file date for all gifts and inheritances with a “valuation date” after 14th June 2010.  As a result, the Capital Acquisitions Tax year runs from 1st September to 31st August in the following year.  C.A.T. arising on gifts/inheritances, where the “valuation date” falls within the [...]