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 Level 1 Compliance Intervention – Share Options
Revenue have recently written to a number of taxpayers with a ‘Notification of Level 1 Compliance Intervention Re: Tax Liability of Share Options Exercised’. Below, we will provide an explanation of what this letter means and the steps involved. So, what does this...
Claiming a Tax Refund on Tuition Fees
Tax relief is available on fees paid for approved Third Level, Foreign Languages and Information Technology courses as long as you have paid the fee for yourself or on behalf of another person, this includes; Tuition Fees & Student Contribution for 2nd and...
Revenue’s Annual Report 2016
Recently, Revenue published their 2016 Annual Report. Here are just some of the findings and results; Net receipts increased by 4.7% on 2015 to €47.95 billion in 2016 - the highest figure for net receipts in the history of the State! The overall yield from...
Offshore Disclosure Deadline Extended!
Revenue has announced an extension to the deadline for disclosing offshore interests to next Thursday 04th May 2017. The Revenue Chairman is encouraging those affected to avail of this opportunity to make a full disclosure of their offshore interests. Should you have...
Extension of Pay & File Deadline for ROS Customers
Yesterday, Revenue announced an extension to the ROS return filing and tax payment date for certain self-assessment Income Tax customers and for customers liable to Capital Acquisitions Tax (CAT). For customers who file the 2016 Form 11 return and make the appropriate...
Non-Principal Private Residence (NPPR) Charge- Update
Following our previous post regarding the possible change to claiming NPPR as an allowable expense, Revenue have now provided a facility to enable landlords to make a provisional claim for a deduction for 2013 only, pending a determination by the Court of Appeal. The...
Non-Principal Private Residence (NPPR) Charge – Tax Deduction
The NPPR charge was introduced between the years 2009 - 2013 as a payment of €200 per annum on 2nd and subsequent properties. This payment was payable whether the property was rented out or not. Where a property has been let, historically this payment was NOT...
Being a Landlord: Does it Pay?
Over recent years many people who have never had any ambitions to be a landlord, have found themselves reluctantly becoming one. Having outgrown their home for which they overpaid, they are left with no option but to rent it out, as selling is simply not an option....
Rent a Room Relief
So the kids have flown the nest, you find yourself with empty rooms in your home and living on your pension. Your most prized asset, being your family home, could also become a source of tax free income for you. Introduced to increase the availability of residential...
Retirement Relief
Retirement Relief may apply to business owners who either sell or gift their business where a gain has arisen on its disposal. This relief allows an exemption from Capital Gains Tax (CGT) at 33%. Contrary to its title “Retirement Relief”, you do not actually have to...
Annual Gift Exemption
In general, a gift from one individual to another may result in either Capital Acquisitions Tax (CAT) at 33% falling due, or a reduction in the recipient’s lifetime tax free threshold. However, CAT legislation allows for an exemption from tax for the first €3,000 of...