Taxworld blog

    Taxworld blog

    tax magic seminar 2019

    Posted by Alan Moore on 22 February 2019

     

     

     This year's seminars will be held in Dublin (5 March), Galway and Limerick (11 March) and Cork (12 March), once again led by Alan Moore (Alan Moore Tax Consultants) and James Caron (Lucas Consulting).  Key topics to be covered will include:

    Read More

    Topics: CAT, Corporation tax, Capital gains tax, VAT, Stamp duty, Budget 2018 changes, Income tax, Tax Magic, Finance Act 2018

    What qualifies for artists exemption?

    Posted by Alan Moore on 21 December 2018

     

     

     

      

    Dealing with your tax affairs can be a stressful business and it can be particularly stressful for struggling artists. But these struggles need not always be the case because over the years artistic exemption, which was brought in by the late Taoiseach Charles Haughey, has proved to be a lifeline for many artists.

     

    Read More

    Topics: Income tax, tax-guide, tax return advice, tax return help, tax back ireland

    Budget 2019

    Posted by Alan Moore on 10 October 2018

    Download budget 2019 summary by clicking here

    Read More

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

    Read More

    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/

    Read More

    Topics: Income tax

    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.

    Read More

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

    Budget Summary 2018

    Posted by Alan Moore on 10 October 2017

     The following are details of the Budget Statement of 10 October 2017, as made by the Minister for Finance and Public Expenditure and Reform. This summary was prepared by the Revenue Commissioners (www.revenue.ie). To download a pdf of this summary, click here.

    Read More

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