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Irish Accounts Blog

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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New service that Irish Accounts may offer to clients

New service that Irish Accounts may offer to clients In accordance with the Code of Conduct on Mortgage Arrears, MARP process,  banks offering certain mortgage forbearance arrangements to distressed mortgage holders are required to advise the borrower to seek independent advice on the banks proposals. The Minister for Social Protection have decided that this advice […]

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Pay and file deadlines for Income tax 2012.

A tax payer operating as a sole trader is required to submit their 2011 income tax return before 31 October 2012. On this date, they must also pay the balance of the income tax due for 2011 and their estimate of preliminary tax for 2012 in order to avoid any interest or penalties. Failure to […]

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Changes to the operation of Relevant Contracts Tax (RCT)

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 […]

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Jobs Initiative – May 2011

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 […]

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Share-Based Remuneration – Finance Act 2011 Changes

Share based remuneration is becoming increasingly popular where work is done in anticipation of the company becoming profitable in the future. Share Awards From 1 January 2011, shares awards have been brought within the PAYE collection system. The net value of any shares awarded are to be treated as notional pay at the time the […]

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Extension to the PAY and File Income Tax deadline 2011

Revenue have announced an extension to the return filing and tax payment date for self-assessment income tax customers using the Revenue On-Line Service (ROS). For customers who file the 2010 Form 11 return and make the appropriate payment through ROS for: Preliminary Tax for 2011, Income Tax balance due for 2010, the due date is […]

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Tax Treatment of Professional Subscriptions

The revenue have clarified the position for employers and employees in respect of BIK on professional subscriptions. Up to 31 December 2010, the payment or reimbursement of an annual membership fee of a professional body, on behalf of an employee, by an employer did not give rise to a taxable benefit-in-kind if membership of that […]

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