Property damage – insurance payouts taxable?

In the aftermath of Hurricane Ophelia some business owners may have experienced damage to their business property.  Hopefully, those that did have adequate insurance cover to pay for the damage. How is the insurance payout treated by tax law? Under Capital Gains Tax (CGT) rules insurance compensation received in connection with property is of a…

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Budget 2018 – Small Business Perspective

What was possibly the most leaked budget in Irish history was published yesterday.  While it was hardly mold breaking, or earth shattering, there are a few positive things in Budget 2018 for micro and small businesses (and a small rant about stamp duty): Self-employed tax credit – nearly there The earned income tax credit (PAYE…

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Revenue writes to 30,000 employers

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According to Chartered Accountants Ireland, Revenue has began writing to 30,000 employers that included employees on their P35s for 2016 but had not registered them with Revenue as employees.  It seems like a lot. Under PAYE rules an employer must register a new employee with Revenue either by submitting a P45(3) issued by the previous…

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A couple of unexpected nuggets in Finance Bill 2015

The 2015 Finance Bill was published this morning and is expected to be signed in to law by the end of December. The Finance Act effectively puts in to law the tax aspects of the budget announced on budget day.  Usually there are a couple of surprises that weren’t announced on budget day, and this…

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Business startup exemption from tax for soletrades

Business startup exemption for soletrades  Budget 2014 introduced a new business startup exemption for people starting a new business.  This is a significant development as previous similar tax reliefs and exemptions applied only to limited companies. Who is it for? To qualify for this you must have been unemployed for at least 12 months.  There’s…

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VAT Mini One Stop Shop

Changes to VAT rules for electronic services from January 2015, introduction of VAT mini one stop shop New EU VAT rules are coming into effect which will further complicate already complicated things for providers of electronic services.  The VAT Mini One Stop Shop Rules for electronic services are commencing in January 2015. The new rules…

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I’m not paying taxes on money that’s not in the bank, right?

This was a question from a client and highlights an area commonly assumed by accountants to be understood by their clients. It’s reasonable to assume that a business (limited company or sole-trade/partnership) is taxed only on the cash actually received. After all it’s hardly fair to be taxed on sales which are never paid for,…

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Is it time to scrap corporation tax?

The tax planning activities of several well known multi-national companies have been in the spotlight recently. At a time when most of us are feeling the strains of austerity these companies apparently have some sort of immunity. Various governments (UK and US in particular) have hauled some of these companies in front of parliamentary committees…

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Revenue review of tax affairs of medical consultants

Revenue is reviewing the tax affairs of medical consultants with a particular focus on consultants that have transferred his/her business to a limited company (owned or part owned by the consultant).  The Irish Tax Institute has said that the review is in the Dublin region, however, a letter from Revenue states it is being extended…

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Don’t agree with Revenue’s property tax estimate?

What to do if you don’t agree with Revenue’s propery tax estimate on your property Revenue is in the process of issuing notices of estimate of Local Property Tax (LPT) to property owners.  It’s important to highlight that these letters are just that: ESTIMATES.  It is Revenue’s way of telling you that if you don’t…

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