Taxworld blog

    Taxworld blog

    Company profits to personal ownership via special contributions

    Posted by James Caron on 13 June 2019
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    Why specialist valuations are essential

    Posted by Paul Cantwell on 23 May 2019

     

    In recent years, Revenue have started to look more closely at transactions between connected parties such as owners and their company, family members and shareholder buy-outs in closely controlled companies. This happens particularly where share buy-backs occurred and also where retirement or entrepreneurial relief was availed of by one of the exiting shareholders. Whilst these transactions are undertaken for bona fide reasons such as succession planning, Revenue are more concerned about maximising the tax yield.

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    Taxworld news

    Posted by Seamus Hanratty on 10 May 2019

     

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    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:

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

    How can you reduce your tax bill by 90%?

    Posted by Alan Moore on 07 January 2019

     

    If you could reduce your tax bill by 90% you would, wouldn't you? In the world of tax there is a taxable reduction known as agricultural relief and it can reduce your tax bill by a gigantic amount!

    To many people being told that they are entitled to this relief is life transformative. The worst case scenario is that they inherit or are gifted a farm and they aren't entitled to the relief. Such a situation can leave people with an unmanageable liability.

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    Topics: CAT, 80% rule, active farmer, tax saving, tax-guide, tax advice

    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.

     

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    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

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    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:

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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