Taxworld blog

    Taxworld blog

    Budget 2019

    Posted by Alan Moore on 10 October 2018

    Download budget 2019 summary by clicking here

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    Topics: Income tax, budget 2019, VAT, Corporation tax, CGT

    Non-resident landlords - tax rate

    Posted by Alan Moore on 31 August 2018

    The default rule is that the tenant must withhold 20% from the gross rent, pay it to Revenue, and give the landlord a receipt for the tax deducted: TCA 1997 s 1041; form R185

    The 20% withholding tax can be avoided if the foreign landlord appoints an Irish agent to collect the rent on behalf of the non-resident.

    The Irish agent will receive a tax assessment on behalf of the non-resident: TCA 1997 s 1034

    If the landlord is a foreign company, e.g., a Hong Kong company, with no place of business in Ireland, the landlord must pay Irish income tax (not corporation tax) on a self-assessment basis at 20%. This 20% rate applies to the net profit after expenses. The 20% withholding tax is available as a credit against the landlord’s tax liability.

    If the landlord is a foreign individual, e.g., a UK resident, not resident in Ireland, the landlord must pay Irish income tax at 20% up to the standard rate band limit (€34,550 if single; €38,550 if single parent; €43,550 for married couple) and at 40% on the excess. Income tax applies to the net profit after expenses. The 20% withholding tax is available as a credit against the landlord’s tax liability.

    If the net income exceeds €13,000, the landlord is subject to USC ( first €12,012: 0.5%; next €7,360: 2%; next €50,672: 4.75%; balance: 8%).

    The income is not subject to PRSI: Social Welfare Consolidation Act 2005 Schedule 1 Part 3:

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    Topics: Income tax

    Does US social security pension qualify for employee tax credit or earned income credit?

    Posted by Alan Moore on 18 August 2018

    Probably... see https://www.taxworld.ie/answers/paye-creditearned-income-credit/

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    Topics: Income tax

    VAT - transfer of business relief - property

    Posted by Alan Moore on 31 July 2018

    Revenue has updated its guidance in relation to transfer of business relief. Download the guide

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    Topics: VAT

    Father's name on house - beneficial owner?

    Posted by Alan Moore on 06 July 2018

    Daughter took out a mortgage 15 years ago and the lender required that the father's name be put on the deed and on the mortgage. The daughter paid all the mortgage repayments and now wishes to regularise the situation by transferring title into her sole name (with lender's agreement). Is father subject to CGT? is she subject to CAT? Stamp duty?

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    Topics: Stamp duty, Capital gains tax, CAT

    Company selling second hand property it has refurbished, redeveloped or improved - 25% or 12.5%?

    Posted by Alan Moore on 19 June 2018
    Interesting question today.
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    Topics: Corporation tax

    VAT simplification procedure (triangulation)

    Posted by Alan Moore on 16 June 2018
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    Taxable person and accountable person

    Posted by Alan Moore on 08 June 2018

    This handy diagram helps you remember the difference between the two. If you have not already done so, download your free tax guide 2018 by clicking here.

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    Topics: VAT

    Tax Magic Seminar 2018 Sneak Preview

    Posted by Alan Moore on 20 March 2018

    The Tax Magic Seminar 2018 series starts on 26 March 2018 (Galway, Limerick), followed by Cork on 27 March and Dublin on 28 March.

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    Topics: Budget 2018 changes, Income tax, Corporation tax, Capital gains tax, VAT, Stamp duty

    Seven ways to save income tax

    Posted by Alan Moore on 21 November 2017

    This guide explains how you can save thousands of euro by:

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    Topics: tax saving

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