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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
In any business payroll can be looked on as one of the most important functions in a business. People need to be paid the correct amount of pay and the correct tax needs to be paid over to the revenue. Today there are many payroll packages on the market which can claim to carry out [...]