What are taxable sales or supplies for VAT?

One of the conditions for a business to register for VAT is that it must be making taxable supplies of goods or services. This is generally straightforward as MOST goods and services are taxable supplies.  Here we will address a confusion that often arises: VAT exempt supplies versus zero rated supplies. But what is a…

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Homeowners NOT facing €100 daily fines on property tax

On 27 February 2013, a leading national newspaper published a story claiming the homeowners face a penalty of €100 per day for failing to respond to requests for information about their property from Revenue. This is very inaccurate. Actually, it’s totally incorrect. The section referred is Section 151(5) Finance (Local Property Tax) Act, 2012.  Here’s…

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So what’s REALLY in Budget 2013 for small business

It was refreshing to finally hear the Minister for Finance focus on Small & Medium Enterprises (SMEs) in Budget 2013.  For too long, in my opinion, the emphasis of successive administrations has been on foreign multinationals and exporting indigenous businesses.  While that sector should be nurtured it shouldn’t be done at the expense of the nuts and bolts of…

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Business entertainment expenses – can I get a tax deduction for that?

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entertainmImage courtesy of Ambro FreeDigitalPhotos.net Business entertainment expenses extend beyond the staff party: there’s client entertainment to consider    I want to thank my best customers for their continued loyalty by inviting them out for drinks.  Is this a tax deductible expense? In a word, no, it’s not.  Expenditure on client entertainment is specifically disallowed from calculating taxable profits…

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Budget 2013 wish list

Here’s my budget wish list for 2013.  None of these suggestions have been costed out.  The tax changes are mainly driven by tax simplification and equitable objectives rather than pure income generating tools. 1. Abolish principal private residence relief This one has been on my agenda for some time and admittedly is less of an…

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3 reasons to file your income tax return on time

With the 31 October income tax filing deadline looming for sole-traders and owner-directors (amongst others) here are 3 compelling reasons to file your return on time. 1. Save money Late tax returns attract a surcharge of 5% on the final tax liability (if filed within 2 months after the filing deadline has passed, and increasing…

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Help!!! I can’t pay my taxes!

Many businesses are finding it difficult to make ends meet and pay their creditors when they fall due. Arguably, one of the most feared creditors of businesses is Revenue. Why? Substantial interest, penalties, surcharges and potential fines and prosecution if you get it wrong. In extreme cases Revenue can place an “attachment order” on your…

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Are your business expenses exclusive?

Getting your head around deductible expenses for tax purposes It’s getting round to that time of year again were small business owners are seriously thinking (perhaps panicking!) about getting their tax returns completed. There always seems to be an increase in inquiries around this time, extending to late October, about what deductible expenses for tax…

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Soletrader tax returns and accounts – what exactly is needed?

I frequently get requests to quote for “filling in” or “filing” a tax return for a sole trader. Often the potential client doesn’t fully understand the full extent of their obligations.  They think in terms of the final act, ie the tax return, and not in terms of how to get there. So how do you…

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Changing from a soletrade to a limited company

Changing from a soletrade to a limited company Many people start out in business as a soletrader and once the business is off the ground “graduate” to a limited company. There are various reasons for changing from a soletrade to limited company, some real, some perceived: To avail of lower tax rates Protection of limited…

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