Our latest newsletter is now available HERE Along with the usual tax, legal and business briefs this issue also covers the following: – Franchising – Overseas salaries – Resignation of a director – Succession planning in a family business We hope you enjoy this and welcome any feedback. […]
Revenue has recently launched a reminder for the deadline to claim tax refunds. They have advised that PAYE taxpayers seeking an income tax refund for 2010 must submit their claim to Revenue by 31st December 2014 PAYE Anytime is the Irish Revenue On-Line Service for employees. This interactive facility offers individuals who pay taxes under […]
Last month we talked about Who Can Become a Director. Today FMB highlights the important points for Appointing a Director. Appointment of Directors New Directors can be appointed to a company in a number of ways; By an ordinary resolution of the shareholders at a general meeting By co-option by the existing board of Directors. […]
An individual could claim tax relief on interest paid on money borrowed to acquire a share in a partnership. Finance (No.2) Act 2013 abolished interest relief for all loans made on or after 15 October 2013 (save for some acquisitions of interests in certain farming partnerships. Interest relief for existing qualifying loans is to be […]
Read More… from Relief to Individuals on Loans Applied in Acquiring an Interest In a Partnership
Revenue has launched a new Home Renovation Incentive (HRI) electronic system which homeowners can use to check if a contractor is tax compliant. Contractors can enter details of qualifying works and payment received through the HRI on ROS. The HRI scheme provides for tax relief for homeowners by way of an income tax credit at […]
Revenue have recently published guidelines on How to Protect your Business from Becoming Involved in VAT Fraud. These guidelines are there to warn about the consequences of becoming involved in a set of transactions with a VAT fraud even if the transactions in which the business is involved are not themselves unlawful. What to expect […]
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As there are no specific qualifications required by law, almost any individual person can become a Director of a private limited company in Ireland. There are of course some exceptions to this rule and the most common examples are listed below: Undischarged bankrupts are prohibited from becoming directors A corporate body is not permitted to […]
Revenue has updated Part 05-02-19 of the Income Tax, Capital Gains Tax and Corporation Tax manual on the Revenue website to: set out the position in relation to the tax treatment of expenses of travel and subsistence incurred by non-executive directors in attending board meetings, confirm that, generally speaking, no deduction is due to a non-executive […]
Read More… from Travel Expenses for Non-executive directors – REVENUE UPDATE
The Finance Act 2013 has inserted a new section 62A in the VAT Consolidation Act 2010. This deals with the adjustment of tax deductible in relation to unpaid consideration. The point of this section is to provide for an adjustment of the amount of VAT deductible where a person who has made a deduction of […]
Read More… from Adjustment of VAT deductible where consideration is unpaid after six months
The legislation governing Local Property Tax provides for payment by a liable person of the amounts due in respect of 2013, 2014 and arrears of 2012 Household Charge in either a single payment per year, or by phased payments over the course of each year. Advised in the Revenue eBrief of 2013, employers and pension […]
Read More… from LPT – Deduction at source from wages, salary or pension
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