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 [...]
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 [...]
Mixed Transactions There are special rules on how the supply of a package comprising two or more elements, each potentially attracting VAT at different rates, is treated for VAT purposes. In general, these rules provide that the consideration payable in respect of goods or services supplied as a package in what is known as a [...]
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 [...]
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 [...]