Latest Irish Tax News
The ITAS Accounting blog brings you the latest Irish tax news and finance news, including the latest Revenue updates, amendments to legislation, tax deadline reminders, tax tips, business tips and more.
Revenue extends reduction on BIK for company cars
In March 2020, Revenue introduced an amendment on BIK due to the Covid Pandemic, as many employees were not driving for business purposes. The new measure allowed employees with company cars to calculate their monthly BIK due based on the business kilometres driven in...
Minimum Wage Increase 2021
As of 1st January, as set out in the National Minimum Wage Act 2000, Ireland’s minimum wage has increased from €10.10 to €10.20 per hour or part thereof, based on age of employee. Source citizensinformation.ie Calculating hourly rate As stated in the National...
Budget 2021 payments increases to take effect in January
As introduced in Budget 2021 the following payment increases are to take effect from January 2021; Child Benefit This will increase by €5 per month for children aged 12 and over & by €2 per month for children under 12. Fuel Allowance This will increase by €3.50 to...
Employers paying Employees 2020 Tax Liability – TWSS Scheme
With effect from 26th March 2020, employers who have been adversely affected by Covid-19, have been operating the wage subsidy scheme along with their own payroll as income supports to their employees. 2020 Tax Liability Employee’s may have a liability due of income...
Flat Rate Expenses Amendments Deferred
Further to our blog on 05th December 2019, Revenue have confirmed they have deferred any amendments to flat rate expenses until 2022. This, they say, is due to the major changes to the labour market caused by the pandemic. As covered in our previous blog, 20th...
Additional “Re-start Week” available for businesses
The Minister for Finance, Paschal Donohoe, announced last week, an addition to the Covid Restrictions Support Scheme (CRSS). Businesses can now claim for an additional week’s payment to assist them in reopening after a period of 3 weeks or more of Covid restrictions....
Self-Employed Expenses
If you are self-employed, there are a number of allowable business expenses that can be offset against your income. If you are self-employed in Ireland, it’s important you are aware of what you can claim and what books and records you should keep. So, what expenses...
e-Working and home workers Update
Revenue have issued updates to e-working and tax. As a majority of the country are now working from home, let’s recap on what this means for employees and employers? What is an e-worker? This is where an employee; Works from home full or part-time Works on the move,...
Annual Return Date for Companies Extended
The Registrar of Companies extended the filing deadline for companies with an Annual Return Date falling on 30th September 2020 or later. Any company with an Annual Return Date of 30th September 2020 or later will be deemed to have filed on time if all elements of the...
Budget 2021
Yesterday, the Government announced details of Budget 2021, the largest in the history of the State. So first, let’s look at what comes into effect today… Carbon Tax This has been increased from today by €7.50 per tonne of CO2 emitted. This will apply to petrol and...
Deadline Extension for reduced interest rate on outstanding tax debts
As announced in the July Stimulus Package, an incentive was included that a reduced interest rate of 3% per annum would only be applied to outstanding tax liabilities once a payment arrangement was agreed between Revenue and the taxpayer. Revenue have now announced...