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Revenue investigating Airbnb homeowners

As reported in the Irish Times on Monday, 11th June 2018, Revenue are investigating the tax affairs of several homeowners who have let rooms through the Airbnb accommodation website.

The notice issued states that it is investigating all taxes and duties, including income from providing short-term accommodation, in the years 2014, 2015 and 2016. As stated in the Irish Times article, Revenue does not specifically mention Airbnb.

If income is found to be undeclared, there are significant penalties issued by Revenue.

Read this article in full here

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Inheritance paid on assets worth €1.4bn in 2017

In Monday’s Irish Times (14th May 2018), it was reported that new figures show inheritances and gifts worth over €1.4bn were subject to inheritance tax last year.

The Revenue Commissioners have released figures showing receipts for CAT (Capital Acquisition tax) rose to a record €460 million in 2017, showing an increase of 11% on 2016.

Read this article in full here

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Revenue to re-vamp PAYE Tax System

Revenue have outlined details of its modernisation of the Pay As You Earn (PAYE) tax system, according to their annual report, published last week.

It details how this will bring ‘improved accuracy and transparency for Revenue, employers, and employees’. It also states it will reduce the current burden on employers and will ensure tax deductions and contributions are correct and reported to Revenue on time.

Revenue will move to real-time PAYE reporting commencing from 1st January 2019. This will be a significant reform of the current system and will eliminate the need for P60 and P45 forms.

Further information can be found on Revenue’s website here

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Extension of Pay & File Deadline for ROS Customers 2018

Revenue has announced an extension to the ROS Return Filing and Tax payment date to Wednesday, 14th November.

This applies to certain self-assessed Income Tax customers and for customers liable to CAT (Capital Acquisitions Tax). Also for any PAYE customers who are required to file a Form 12 for 2017 and do so online, this due date also applies.

To avail of this extension, customers must pay and file through ROS. Otherwise, the payment deadline remains no later than 31st October 2018.

Please feel free to contact us should you have a query on this on 01 539 7999.