The Company law review group (CLRG) has published the first of two volumes setting out a new regime for private companys limited by shares in Ireland. The second volume will deal with all other types of companies and this will be published within the next 12 months. Instead of having just one set of laws [...]
1. New RCT system to be introduced in 2012 Work is well advanced on developing a new system, which is expected to be introduced on 1st January 2012. It will be subject to a commencement order to be signed by the Minister for Finance. From 1st January 2012, all relevant contracts, including those that are ongoing [...]
The Minister for Finance announced the Government’s 2011 Jobs Initiative on 10th May. The initiative includes a number of measures aimed at stimulating job creation, and also details of how they propose to fund the incentives – mainly in the form a new pension fund levy. The main points are as follows; The Minister reaffirmed [...]
One area which often comes up as a topic during Revenue Audits is the question of whether a person should be classified as an employee or self employed. In a lot of cases, the business owner will want the employee to be treated as a self employed individual because 1) There will be no liability [...]
Figuring out the correct rate of VAT to charge can be complicated although the revenue do have a rather helpful index of rates here http://www.revenue.ie/en/tax/vat/rates/index.jsp Generally the normal rate of VAT on repairs and construction services is 13.5% and the rate of VAT on goods is 21%. A business can often supply both at the [...]
AUDIT EXEMPTION In Ireland, a company is deemed to be audit exempt if it fulfills all the criteria set out below in both the current and previous year; * The company must be a Private Limited Company (this effectively excludes charities and other non profit making entities and PLCs); * The amount of turnover of [...]
A lot of confusion arises every year for individuals who have additional income to declare but are unsure whether they are required to file either a Form 11 or a Form 12. Who needs to complete Form 12? The Form 12 is a paper based annual Income Tax return in Ireland for people whose primary [...]
Universal Social Charge (USC) The Universal Social Charge is a tax payable on gross income from all sources, including notional pay, after any relief for certain capital allowances, but before pension contributions. The rates of Universal Social Charge are: 2% on the first €10,036 4% on the next €5,980 7% on the balance. However, these [...]