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Revenue 2018 Annual Report

Revenue issued their 2018 Annual Report on 09th May confirming Revenue collected net Exchequer receipts of €54.6 billion last year.

Chairman, Niall Cody stated that;

‘when compared to 2017, net Exchequer receipts increased by €4 billion. There were increased receipts for almost all taxes and duties including Income Tax, up 6.6%, VAT up 7% and Corporation Tax up 26.7%.’

Mr Cody acknowledged taxpayers’ engagement, and that of tax practitioners and agents, in achieving the very strong compliance rates seen again for 2018. 9,000 businesses and individuals had phased payment arrangements in place by the end of 2018 covering €93 million in debt. For taxpayers that refuse to pay their tax or liase with Revenue, Niall Cody explained that;

‘we undertake a range of debt collection and enforcement actions to collect tax debt. In 2018, we collected €211.6 million as part of our debt collections and enforcement actions.’

Mr Cody also went on to say;

‘it is very important that we support compliant taxpayers by identifying risks and tackling non-compliance in all its forms. We continue to be alert to, and pro-actively respond to, the risks arising from the changes in economic and business environments both nationally and globally.’

The new arrangements for PAYE reporting with PAYE Modernisation came into force on 01st January 2019. Revenue received 1.4 million payroll submissions as of 31st March 2019 from almost 157,000 employers for more tan 2.6 million employees and pension recipients totalling almost €24 billion.

Mr Cody added;

‘with real-time reporting now in place for employers, we have turned our focus to the benefits of this new system for employees. From 15 May, all employees will be able to view their payroll details, as reported by their employer, through myAccount. Further improved services through myAccount will follow later in the year.’

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Extension of Pay & File Deadline for Self-Assessed

Revenue have confirmed they have extended the Pay & File Deadline to Tuesday 12th November for all self-assessed individuals. In order to qualify for this extension, you must pay and file through ROS.

The individual must;

  • Pay Preliminary Tax due for 2019
  • Pay Income Tax Balance for 2018

This extension also applies for beneficiaries who have received gifts and inheritances with valuation dates in the year ended 31st August 2019. The Capital Acquisition return and payment must be paid through ROS to qualify.

As with every year, as it is an extremely busy period, we would advise all our clients that in order to give enough time to review your tax year and to submit it, paperwork must be submitted as soon as possible for 2018

Have a query? Contact us on 01 539 7999

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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.

Why not read some of our previous blogs here
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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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