Eligible customers will have mortgage split in two and bank will discount loan. AIB is set to write-off debt immediately for homeowners in arrears who are deemed eligible for a new split mortgage product. Under the plan, a customer deemed eligible for a split mortgage will have the loan broken into two tranches. The first […]
We have now passed the original SEPA migration deadline of Feb 1st, 2014. In January, due to slower than expected migrations across the SEPA zone, the European Commission allowed for an extended 6 month window to accommodate companies who were having difficulties with their migrations. Individual member states are allowed to decide how much of […]
Since November 2012, Revenue Corporation Tax and Income Tax filers have had the option to file financial statements in iXBRL format via ROS (Revenue On-line Service). iXBRL (inline eXtensible Business Reporting Language) is a language which allows financial information to be communicated and presented in a format that may be recognised and read by both […]
TIME IS RUNNING OUT! ‘Where land or buildings are acquired between 7 December 2011 and 31 December 2014, and held for at least 7 years, the chargeable gain will be reduced in the same proportion that 7 years bears to the period of ownership of the relevant asset. For example, if a building which has […]
From 1st, January, 2014, reductions in the filing and payment frequencies for VAT, PAYE/PRSI and RCT by smaller businesses are being extended as summarised below: Businesses making total annual VAT payments of less than €3,000 are eligible to file VAT returns and make payments on a 6 monthly basis; Businesses making total annual VAT payments […]
An EU regulation set 1, February, 2014, as the date by which all users of electronic payments in the Single Euro Payments Area (SEPA) must migrate from ‘domestic only’ payment systems to a pan-European equivalent. All businesses must conform to the new SEPA standards before the stated end-date of 1 February. This means big changes […]
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As stated by Chartered Accountants Ireland, The Finance Bill includes details on the main new income tax reliefs; the Home Renovation Incentive and the Start Your Own Business Relief. The Bill gives legislative effect to these reliefs and the other tax measures announced in the Budget. A number of further tax measures are included in […]
If you receive a gift, you may have to pay Gift Tax on it. If you receive an inheritance following a death, it may be liable to Inheritance Tax. Both these taxes are types of Capital Acquisitions. The benefit (the gift or inheritance) is taxed if its value is over a certain limit or threshold. Different tax-free thresholds […]
The closing date for relief on personal pension contributions for the 2012 tax year is 14th, November, 2013. The relief available on contributions is linked to the age of the contributor and an overall income threshold. The relevant information is as follows: Age % of Net Relevant Earnings Up to 30 years 15% 30 but […]
Is your company carrying out R&D work? You have the potential for a Tax refund. The R&D Tax Credit scheme has been a strong motivation in attracting foreign direct investment to Ireland, as well as encouraging domestic R&D activity since 2004. The R&D Tax Credit claim process requires clear and precise identification and documentation of qualifying […]
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