Structure The legal structure for your business e.g. sole trader, single company, holding company or cross border group and the detail of how the structure is implemented and operated are key ingredients in achieving a tax efficient sale. This can be the difference between qualifying for a tax-exempt disposal or paying capital gains tax at…
Read MoreWhen you buy, sell or let property it is critical to consider the VAT implications and ensure that you include the appropriate wording in the relevant contract for sale or lease to manage your VAT position. Before this update Revenue have recently updated their guidance on the application of transfer of business provisions to property…
Read MoreWith Brexit, international market and general economic risks looming the role of the Irish entrepreneur is more important than ever to maintain Ireland’s economy. As Irish entrepreneurs invest the economy grows, employment numbers are maintained and increased, and the driver of Irish economic activity is diversified to compliment multinational investors. When entrepreneurs invest they take…
Read MoreWhen a business is considering purchasing a vehicle the ultimate cost of the vehicle will be determined by a business’s ability to recover the VAT. Most businesses are aware that VAT can be reclaimed in respect of the purchase of a commercial vehicle but may not be aware that an element of VAT can be…
Read MoreBackground With the growing number and use of cryptocurrencies (Bitcoin, Ethereum, Lightcoin, Ripple etc.) Revenue issued ac manual in May 2018, setting out the tax implications. Business accepting cryptocurrencies For business which accept payment for goods or services in cryptocurrencies there is no change to when revenue is recognised or how taxable profits are calculated.…
Read MoreBackground Revenue recently updated their manual on the Form 46G. The Form 46G is a return of certain payments (payments for services or copyright) made in the course of business which exceed €6,000 in aggregate in the period covered by the return. Details required on Form 46G in relation to service provider Full name Address…
Read MoreBackground The revaluation date for Local Property Tax (LPT) is 1 November 2019. Public Consultation The Minister for Finance announced a review of LPT IN Spring 2018 to include: Basis for future review as property values change Relationship between property price movements and tax liability How to achieve stability in flow of tax LPT exemptions…
Read MoreErrors in the preparation and submission of VAT returns can be very expensive for businesses. It is important that businesses review their VAT returns regularly and have sound internal procedures in place to ensure that VAT returns are completed correctly. One common item that businesses overlook is the requirement to repay VAT reclaimed in respect…
Read MoreFrom the 7th of April 2009 the tax relief for landlords on mortgage interest paid on debt used to purchase, improve or repair a residential property has been restricted to 75% of the interest incurred in the year. With effect from 1 January 2017 the amount restricted increases to 80%. The restriction will increase by…
Read MoreIt 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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