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 [...]
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 [...]
It is now possible to file Companies Office returns online by using the Companies Online Registration Environment or CORE. Once you have a CORE account you file the a Company Return by printing off the signature page and submitting this page to the Companies Registration Office (CRO) once it is signed by the relevant person. [...]
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 [...]
If you have rental property, you will need make a return of income every year on Form 11. This return is filed on 31 October and will include details of all income earned in the previous calender year. An apparent taxable profit can arise even though in actual terms you are earning a loss. Mortgage [...]