Month: April 2019

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Social Welfare jobseeker’s benefit now available to the Self Employed

From November this year, all self-employed workers and contractors will be entitled to claim jobseeker’s benefit should they go out of business.

As announced in last year’s budget,

“The introduction of a new Jobseeker’s Benefit scheme for the self-employed represents the next step in the

Government’s work to extend PRSI benefits and will provide an income safety net to thousands of small and medium businesses throughout the country.”

Currently, the rate is €203 per week, with dependant supplements also available. Self Employed workers will now have access to a range of employment supports also.

To qualify, a self-employed worker has to have in excess of 260 (5 years) PRSI contributions to obtain job seekers benefit for 9 months, otherwise, this reduces to 6 months.

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Local Property Tax Deferred until 2021

As reported in the Independent and RTE news, amendments due to take place this November on Local Property Tax (LPT) have been deferred until 2021.

This means LPT will remain at it’s current level until then, which has been the case since 2016. But is this delaying the inevitable increase?

If Local Property Tax is calculated at the current method, there will be significant increases for homeowners due to rising property prices. The government have promised to find a way to ensure most households don’t see a major increase.

RTE News have reported that the issue will be discussed by the Cabinet

Read more on this article here

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Capital Gains Tax on rental properties

Interesting article issued in The Irish Times today regarding selling a rental property in negative equity.

A reader asks –

is there any capital gains tax due if mortgage was paid off and sold at a loss?

Let’s clarify, there is only Capital Gains Tax (CGT) due if there is a gain on the sale of property, which in this case would be zero. The gain is simply the sale price, less the cost price including other allowable expenses and reliefs. Any outstanding mortgage is irrelevant.

There will be no capital gains tax to pay and you will have a loss that can be offset this year against any gains you may make on the sale of other assets.

This loss can also be carried forward and offset against any future gains.

Regarding VAT, this area depends on a number of factors and each case needs to be reviewed in order to evaluate.

Read more on this article here

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