Pay & File Deadline & Revenue Audits Revenue has confirmed that they will endeavor not to schedule comprehensive audits or final meetings over the next few days as we lead up to the ROS filing deadline of 13th November. According to Chartered Accountants Ireland, Revenue have stated that, “it is recognised that Tax Practitioners, especially […]
Non-executive directors’ travel expenses attending board meetings The cost of travel by a non-executive director from home to board meetings will not qualify for a deduction under the Taxes Consolidation Act 1997 (section 114) according to Revenue. However, Revenue note in their operational manual that there are may be circumstances in which a non-executive director’s […]
Before we look forward it is useful to look back at how development land was commonly held and treated for tax purposes prior to the economic downturn (1). In the past there was a difference in the income tax treatment between residential development land and non-residential development land. Residential development land qualified for a special 20% […]
Member of CCAB-I Taxation Committee South Mark recently became a member of the CCAB-I Taxation Committee South. The Consultative Committee of Accountancy Bodies – Ireland “CCAB-I” is the representative committee for the main accountancy bodies in Ireland. The Tax Committee South is a CCAB-I committee responsible for advising Chartered Accountants Ireland on taxation issues. The committee interacts primarily with […]
Revenue 2013 Annual Report Revenue published their 2013 Annual Report last week. Some of the key points in the Report are: For 2013 €242 million in LPT was collected, and €76 million in respect of 2014. The compliance rate for 2013 is 94% while compliance for 2014 is at 90%. Revenue also collected €2.7 million […]
Finance (No. 2) Act 2013 (“the Act”) introduced a number of important changes to Ireland’s capital gains tax (“CGT”) regime that practitioners should ensure they are aware of. This article examines the main CGT changes contained in the Act on a high-level basis. CGT Retirement Relief Retirement relief from CGT is available to individuals on […]
ROS Direct Debit Payments & SEPA Arrangements As a result of the new SEPA arrangements, ROS direct debit payments to Revenue are taking up to 7 working days to clear. Therefore this means that while a ROS direct debit payment may have been made on or before the relevant due date and payment confirmation has […]
No change to Pay and File Deadline The Minister for Finance issued a statement on Wednesday afternoon that there will be no changes to the pay and file regime in 2014. This follows a consultation process on proposals by the government to bring forward the pay and file date from October/November to September or June. […]
The Revenue Contractors Project is now well underway with a large number of audit notification letters issuing to taxpayers in all Revenue Districts. Under this project the focus is on companies set up by individuals as a vehicle to provide contracting services. Revenue define these as companies “where the main source of income is a […]
A taxpayer may at some stage be dissatisfied with the handling of their tax affairs by Revenue; naturally most disquiet will arise during the course of a Revenue audit 1 but issues can also arise on foot of other more mundane interaction. Most issues can be resolved amicably and with little fuss, however, on occasion […]
Tax implications of share buybacks4 January 2024 - 09:59Broadly, a company share buyback offers a mechanism whereby a shareholder can dispose of their shares in a company to the company itself for consideration, however, a company share buyback can generate unanticipated tax costs. Where a company buys back its shares for a price above the subscription price for the share any amount in […]
Business Asset Relief and Excess Cash22 September 2023 - 11:14In this article, Mark Doyle and Gearalt O’Neill discuss the impact of cash balances on a claim for CAT Business Asset Relief.
Private company valuation for tax purposes in Ireland18 July 2023 - 12:42Introduction The valuation of private companies for tax purposes holds significant importance within the Irish tax system. It plays a crucial role in accurately assessing the tax liability of shareholders in many different circumstances. Valuations undertaken for tax purposes must be guided by the relevant legislation for each tax head and often the valuation adopted […]
