Taxation Planning & Compliance

Taxation Planning & Compliance
12.11.2020

TAX PLANNING FOR YOUR PENSION

“If you fail to plan, you are planning to fail”  Benjamin Franklin  A 2020 publication from the Central Statistics Office stated that only 60% of workers aged 20 to 69 have some of form of pension. Of 40% with no pension, the main reasons cited were that they either didn’t get around to it, couldn’t afford it or thought…

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03.09.2020

REDUCTION IN STANDARD RATE OF VAT

Revenue have recently announced as part of the July Stimulus package a temporary reduction in the standard rate of VAT from 23% to 21%.  All other VAT rates will remain unchanged. This is due to take effect from the 1st of September and will remain in place until the 28th of February 2021.  While this…

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03.09.2020

REDUCED INTEREST RATE APPLICABLE TO NON- COVID-19 TAX LIABILITIES

As part of the measures included in the July Stimulus package, a reduced interest rate on overdue non-COVID-19 tax liabilities has been introduced. Where a taxpayer enters into a payment arrangement with Revenue in respect of non-COVID 19 tax liabilities before the 30th of September a reduced interest rate of 3% will be applicable to…

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03.09.2020

ACCELERATED LOSS RELIEF FOR COMPANIES

As part of the July Stimulus package recently announced, companies incurring losses in 2020 may be able to make a claim to elect for 50% of the estimated losses to be allocated against prior profits, thereby resulting in a tax refund or a reduction in the level of corporation tax being paid. To avail of…

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27.08.2020

Estate Planning – Opportunity in Adversity

“in this world nothing can be said to be certain, except death and taxes” A quote from Benjamin Franklin that is as true today as it was in 1789! Taxation can be difficult to deal with whilst we are in the fullness of health! None of us would want to leave behind a myriad of…

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06.07.2020

Pensions – 2020 Programme for Government

State Pension To protect the State Pension and keep it as the bedrock of the Irish pension system, it is proposed to establish a Commission on Pensions to examine the sustainability and eligibility issues with State Pensions and the Social Insurance Fund. The Commission will outline options for Government to address issues including qualifying age,…

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01.07.2020

Taxation and the 2020 Programme for Government

The Programme for Government runs to 126 pages and this paper is considering the main tax references in the document. Income Tax and Universal Social Charge (USC) There will be no change to income tax credit or bands in Budget 2021. It is intended that credits and rate bands will be indexed linked to earnings…

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01.07.2020

The Start-up Capital Incentive (“SCI”)

“In time of recession there are massive opportunities and fortunes to be made, so for new up and coming entrepreneurs, this is the time to go and start a business.” Richard Branson Did you know that some of the world’s most successful companies were started in a recession? IBM, Microsoft, Airbnb are just some of…

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06.06.2019

Research and Development Credit Rules

There have been many enhancements to Ireland’s taxation offering over the last number of years but it is important for companies to remember the age-old reliable reliefs that are still available.  Here we give a short overview of the research and development credit rules as they currently stand. Gone are the days of having to…

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30.05.2019

Help to Buy Scheme – Time is Running Out

As first-time buyers struggle to get on the property ladder all potential first-time buyers should note that the Help to Buy Scheme introduced in 2016 is due to expire on the 31st of December 2019. The scheme was set up to help first time buyers receive a rebate of income tax which could be used…

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