PRSI refunds – putting the record straight

There has been a lot of inaccurate reporting and information on so called PRSI refunds due to an error by the Department of Social Protection. Firstly, what is being talked about is not PRSI refunds but health levy refunds.  That is why refunds can only be claimed up to 2010 as the health levy was…

Continue Reading →

VAT basics – a beginner’s guide

Rule number #1: you can’t add VAT to your invoices unless you are registered for VAT – ever! Rule number #2: you can’t claim VAT on purchases unless you are registered for VAT – ever! Do I need to register? If you are selling taxable goods you must register if your total sales (turnover) for…

Continue Reading →

Starting a business: sole-trade vs limited company

One of the most important decisions to be made when starting a business is what legal structure to adopt: sole-trade/partnership or limited company? Both have advantages and disadvantages. Each business’s circumstances must be examined in its own right as what may suit one set of circumstances may not suit the next. Firstly we must explain…

Continue Reading →

Exploring exports – VAT basics

VAT is a funny old tax. Whether it is charged and who pays it depends on different things, such as whether you are supplying goods or services, the VAT status of the customer, the location of the customer and the supplier, is it a service connected to a building. The place of supply dictates which…

Continue Reading →

Pay and file online deadline extended

Revenue announced yesterday that the pay and file deadline has been extended to midnight on 16 November (previously 15 November). To avail of this deadline you must both file and pay online. See here for more information on your pay and file obligations. See here for an explanation of preliminary tax and computing profits for…

Continue Reading →

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…

Continue Reading →

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…

Continue Reading →

Preliminary tax and start-ups

What is it? Preliminary tax applies to self-assessed tax payers and companies. This article deals with preliminary tax for humans as opposed to companies. Preliminary tax is a payment of income tax in advance or on account. It must be paid on or before 31 October of the year to which it relates, eg the…

Continue Reading →

Back to college: tax relief on tuition fees

If you are in the unfortunate position of not having your or your children’s college fees covered by a grant you may get some help by way of a tax relief. What is it? Quite simply – a reduction in your income tax bill! The reduction is given in respect of certain tuition fees paid.…

Continue Reading →

Finance (No.2) Bill, 2011

The Irish Government published Finance (No.2) Bill on 19 May. The main purpose of the Bill is to legislate for the tax changes made in the Government’s jobs initiative.   VAT The Bill provides for a second reduced rate of VAT of 9%. The 9% rate will be temporary running from 1 July 2011 to…

Continue Reading →

Page 3 of 4