Ever wondered what taxes are financing government coffers?
Source: Irish Tax Institute Pre-Budget 2020 Briefing Papers 2019
As reported in the Irish Times, 18.09.19, the Oireachtas Budgetary Oversight Committee has advised of potential options in overhauling how local property tax is charged and collected. The Oireachtas aim is to minimise charges when valuation increases and have suggested a central rate to achieve this.
In 2018, local authorities collected €470 million in Local Property Tax. The Oireachtas Committee has said the State should set a target of collecting €500 million a year.
Other options put forward include;
Committee chairman Colm Brophy said;
“The committee notes the importance of maintaining simplicity and transparency for taxpayers. Further, from an administrative perspective, a costly and complex system runs counterproductive to the objective of generating additional net revenue,”
The Residential Tenancies Board (RTB) have always shared information with Revenue, but this will be the first year Revenue have sought confirmation that a landlord has registered with them in order to claim tax relief on their mortgage interest paid.
As reported in the Irish Times on Friday 06.09.19, landlords will need to ensure they have registered their properties with the RTB before October 31st.
Revenue have also pre-populated this year’s Form 11 tax forms with rents shared by local authorities for those letting out properties through HAP.
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Why not also read our Rental Income including Airbnb blog here
Should you have any queries on this issue, please contact us on 01 5397999 or request our rental income and application form here
Revenue have recently updated their briefing on surcharges to apply to Directors returns.
Company directors and their spouses/civil partners, if jointly assessed, are obliged to file a self-assessment return every year. If a company director fails to file their annual return, a surcharge will be applied based on their income tax liability before credit for tax paid.
Certain directors are not required to file an annual income tax return such as;
Proprietary directors, where the director controls more than 15% of the shares of the company, is required to file a self-assessment return.
Non-Propietary directors do not need to file an annual return if;
However, a surcharge will apply if they;
Why not read our previous blog regarding the legal and tax implications for Director’s loans here
Should you have any queries on this issue, please contact us on 01 5397999 or firstname.lastname@example.org