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Irish Accounts Blog

Income tax Returns Seasons is upon us again

So the time that everybody dreads is again upon us- Income Tax Returns for 2014 must be filed by 31 October 2015. This applies to everybody who is subject to self assessment, such as self employed individuals, proprietary directors of limited companies and people who have received certain types of additional income, If you avail […]

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Companies Act 2014- All change or no change?

The Companies Act 2014 was signed into law by the President on 23rd December 2014. This new Companies Act 2014 – will replace the Companies Acts 1963-2013 on 1st June 2015. What does this mean to the directors of existing companies formed under previous Company’s Acts? The vast majority of companies in the Republic of […]

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Revenue’s National Contractor Project

In 2012-2013 the Irish Revenue began to clamp down on what they perceived as excessive amounts of expenses claimed by limited companies against their taxable profits. Typical situations involve an individual setting up a limited company which then acts as an intermediary between themselves and a contractor. In this way, significant travel and subsistence expenses […]

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Surcharge arising where LPT Return not filed by Chargeable Persons

Amid much publicity and fanfare the Local Property Tax (LPT) was introduced into Ireland and the LPT return was due to be filed on 7 May 2013 and 7 November for subsequent years. For those people who have not filed their LPT return the following sanctions are imposed. Mandatory deduction from your employment income, occupational […]

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JobPlus Initiative- Department of Social Protection Announces a new scheme to recruit staff

What is the JobsPlus Incentive? JobsPlus Incentive is a new employer Incentive which encourages and rewards employers who offer employment opportunities to the long term unemployed. This Incentive will replace the Revenue Job Assist and Employer Job (PRSI) Exemption Scheme from 1st July 2013. Regular cash payments will be made to qualifying employers to offset […]

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Subcontracts and Relevant Contracts Tax in a nutshell

An area which always seems to be topical is Relevant Contracts Tax (RCT). It can appear that some transactions which are appear to be connected with construction are subject to RCT and some other transactions can appear to be caught by RCT which do not appear construction related at all. Essentially in order for a […]

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Procedure for transfering shares in a Limited Company

In a company that is limited by shares the procedure for transferring a shareholding can appear complicated but is in straight forward provided all of the steps are followed. Firstly, whether or not a person is a member of a company is determined by what it says in the company’s various register of members. When […]

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Why form and Irish Subsidiary Company?

What are the advantages of UK Companies forming an Irish Subsidiary? 1) Irish Companies are subject to Corporation Tax at 12.5%. This is a very competitive rate compared to various other jurisdictions throughout the EU. 2) An Irish Company that makes a distribution to it’s UK parent company, is said to have made a Franked […]

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