Archive for the ‘News’ Category

Now you can pay your tax by credit card

Friday, August 10th, 2012

Revenue will now accept payments by VISA and Mastercard card. Debit and credit card payments are now validated online.

For more information go to http://www.revenue.ie/en/practitioner/ebrief/2012/no-342012.html

New Property Tax

Friday, August 10th, 2012

It is reported that Revenue will be responsible for collecting the proposed property tax. This is not surprising as tehy are the bodywith most expertise in collections

Details of the new tax are expected after the Dail reconvenes.

Compulsory Purchase Orders

Thursday, February 2nd, 2012

Civil partnership

Thursday, July 7th, 2011
  • The new tax provisions for civil partnership have been published. They affect a wide range of taxes. Essentially, they allow a legal civil partnership the same tax status as marriage. For example civil partners will be entitled to joint assessment for Income Tax

Smoking areas – good news for taxpayers

Thursday, July 7th, 2011

The s moking ban forced many businesses to erect smoking areas. Hotels and bars had to install large facilities to cater for their smoking customers. These would normally class as buildings. As such, they get no capital allowances. An English court case decided that a large gaebo style smoking area attached to a bar building by metal fixings counted as plant.

As such it is entitled to capital allowances against taxable profits

Business should review this to see if they can make a claim

Premises Providers for VAT

Thursday, July 7th, 2011

People with vacant land or buildings sometimes make them available for sales or auctions and similar events. Owners of premises may also provide them for concerts or other entertainments. These owners need to comply with certain VAT rules where

there are mobile traders not established in Ireland e.g. from Northern Ireland and they will trade for less than 28 days at the venue

Where VAT on an activity is due in the place where it is performed. For example, if a venue owner allows a British promoter to run a concert at his premises, the VAT is due in Ireland.

The premises owner  notify Revenue 14 days in advance of the event or trading activity.

If they do not, Revenue may make them jointly liable with the trader or promoter for any VAT due. If the promoter fails to pay the provider will have to foot the bill

New French property tax abandoned

Tuesday, June 28th, 2011

Good news for foreign owners of French residential property. The government proposed new tax on non-residents of 20% of the base value used for the taxe fonciaire has been abandoned.

 This plan met strong opposition on the grounds that it discriminated against non-residents. The opposition was supported by some French senators.

http://www.ft.com/intl/cms/s/2/9d791744-9dae-11e0-b30c-00144feabdc0.html#axzz1QTMeXucx

Pensions Levy

Thursday, May 26th, 2011

 

To fund its part of it’s Jobs initiative the Government is levying a charge on pension funds of .6% of the fund market value at 1st January 2011. The levy will apply to

  • Occupational Pension Schemes
  • Personal Pension Schemes
  • PRSAs

It does not apply to Approved Retirement Funds or Approved Minimum Retirement Funds

There are pension industry concerns in relation to this levy

Ireland’s 12.5% Corporation Tax Rate

Tuesday, April 26th, 2011

This rate has come under sustained attack, particularly from France and Germany. They believe it poaches their companies and tax revenues.

Interestingly, in recent times we have seen two other developments

  • Gibraltar has a 10% tax rate. A decison by the Advocate General in an ECJ case against this rate viwed this rate was legitimate. Gibraltar was its own territorial framework for tax purposes.
  • Northern Ireland is campaigning for a differential 10% Corporation Tax rate. the U.K. Government is considering this.

Both of these moves lend credence to our position. Also, I recollect that the 12.5% rate was only introducesd when the 0% rate for Exports and Shannon Relief was abolished. these were similar to the new Northern Ireland proposal and were designate as State Aid by the EU

Preliminary Tax 2011 and Universal Social Charge

Tuesday, April 26th, 2011

The Universal Social Charge will affect how you pay Preliminary Tax for the 2011 tax year. This will fall due on 31 October 2011.

before the Social Charge you would have had to pay

  • 90% of your 2011 liability
  • 100% of your 2010 liability
  • 105% of your 2009 liability if paying by direct debit, where 2009 liability greater than zero

Now these amounts must include an extra provision for the Universal Social Charge.  The charge did not apply for 2010. Therefore, the preliminary Tax should be calculated as if the USC had existed. ROS software is being adjusted to assist the taxpayer in the calculation