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Irish Accounts Blog

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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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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Revenue to persue non-filers of Corporation Tax returns.

The due date for filing the Corporation Tax return 2011 has now passed. Reminder letters have recently issued to the Secretaries of companies whose Corporation Tax returns for 2011 have not been recorded as filed by close of business on Friday 25 January 2013. Customers are advised to complete and file the outstanding returns by […]

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VAT Invoicing – New Rules as from 1 January 2013

The European Union (Value-Added Tax) Regulations 2012 (S.I. 354 of 2012) and the Value-Added Tax (Amendment) Regulations 2012 (S.I. 458 of 2012) transpose into Irish law, Council Directive 2010/45/EU of 13 July 2010. The new legislation simplifies, modernises and harmonises the VAT invoicing rules and in particular eliminates the current barriers to e-invoicing. Paper and […]

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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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Setting up a Holding company in Ireland

Introduction Ireland is now a most attractive country for setting up a holding company location. Strategically placed for conducting business in America, Europe and Asia in the same day, it is an English speaking jurisdiction ideal for the establishment of an EU and International Holding Company. Passive Income Earned by an Irish Company (dividends and […]

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