Personal Finance

Personal Finance

Payments to Staff – 15 Tax Free Options

It is difficult for businesses to retain staff and we are often asked for ways to remunerate them in a tax efficient manner. Detailed below are 15 various options:- 1. Working from Home Where employees work for substantial periods outside the employer’s business premises in the course of the performance of the duties of their…

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Bankruptcy – What Happens To Your Pension?

Bankruptcy is a High Court process that deals with secured debt and unsecured debts. When you are made bankrupt, your assets transfer to a person in the Insolvency Service of Ireland (ISI) called the Official Assignee. Most forms of unsecured debt are written off and you may be able to agree on a schedule of…

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Default Interest – Ireland Revisits the Test for Penalty Clauses

Default interest and penalty clauses were revisited by the Irish High Court recently in two connected cases. Both cases taken by the plaintiff, Breccia, related to loans that which were initially granted by Anglo Irish Bank Plc and were since sold to a third party fund. The loan agreements provided for the application of surcharge…

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What You Need To Know About The Irish Credit Bureau (ICB)

What is The Irish Credit Bureau? The Irish Credit Bureau (ICB), currently the main credit reference agency for individuals in Ireland, complies a database of information supplied by the country’s main financial institutions. The database includes information on a wide range of loans, including personal loans, mortgages and credit card loans. The ICB does not decide…

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The Personal Insolvency (Amendment) Act 2015

Overview The Personal Insolvency Act 2012 introduced 3 mechanisms for non-judical debt settlement; Debt Relief Notice (“DRN”) Debt Settlement Arrangement (“DSA”) Personal Insolvency Arrangement (“PIA”) PIA and Secured Debts Specifically, the PIA was introduced to address debt problems relating to

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Small Debt Recovery – Civil Debt (Procedures) Act 2015

What is Civil Debt (Procedures) Act 2015? The Civil Debt (Procedures) Act 2015 has been designed to make it easier to collect from people who are unwilling to pay “small debts”. The Act was initially developed to be used with respect to Irish Water but it will have wider relevance (see below). Who is it…

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Tax Efficient Ways To Pay Employees

As we all know there are not many ways to get salary without paying the appropriate taxes, but here are two ideas that may work in your organisation. 1. Tax free vouchers An employer can give vouchers with a value up to €500 to each employee tax free annually. There are no taxes for the employee…

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Income Tax: Extension of “Early Filing Deadline” For Paper Forms 11

Reminder from Revenue to Income Tax filers about their self assessment for the year ended 31 December 2014: Further to eBrief 74/15 – Revenue previously reminded customers that where they filed their Form 11 before 31 August 2015, Revenue would calculate their self assessment (for tax, PRSI and Universal Social Charge). This simplifies the process for customers…

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The Lowest Rates On Personal Bank Loans

As at April 2015 the lowest rates on personal loans are from Bank of Ireland at 12.8%. Personal bank loan rates as at April 2015 are as follow (lowest to highest): • Bank of Ireland – 12.8% • PTSB – 13% • AIB – 13%

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Why Should You Save Money?

Saving money can be difficult to do but like any other skill saving gets easier with practice. It’s always a good idea to save so that you have cash on hand for emergencies, sudden loss of income, major purchases or irregular spending. Savings will also be required to buy a property (20% deposit). A good…

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