Calculating your profit for tax purposes

When calculating your profit (or loss) for tax purposes you must be aware that your business expenditure falls into 1 of 2 categories: “allowed” and “disallowed”. This is not an exhaustive analysis but a brief overview of the basic concepts that can cause most difficulty. Capital expenditure Any equipment you buy should go into your…

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Domicile levy

31 October 2011 is the due date for return of the domicile levy. This is the first year in which returns of the levy will be made. The levy (of €200,000) applies annually to individuals who are Irish domiciled and Irish citizens: • Whose worldwide income exceeds €1m, • Whose Irish property is greater in…

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Income tax filing deadline approaches

31 October 2011 is the income tax pay and file deadline for 2010 tax returns. This can be extended to 15 November 2011 provided you pay and file online using ROS. It is the deadline for: 2010 tax returns (form 11) Payment of the balance of tax due for 2010, ie 2010 tax liability less…

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