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.
๐๐๐ฏ๐๐ง๐ฎ๐ ๐๐ฑ๐ญ๐๐ง๐๐ข๐ง๐ ๐๐ข๐ฅ๐ข๐ง๐ ๐๐๐ญ๐ ๐จ๐ ๐๐๐ ๐ญ๐จ ๐๐๐ญ๐ก ๐๐๐ซ๐๐ก ๐๐๐๐
The VAT Return of Trading Details (RTD) is being updated to reflect the temporary change in the VAT rate from 23% to 21% on 1 September 2020. The revised RTD will be available from 10 February 2021 and the filing date of the RTD is being extended to 10 March 2021.
Budget 2021
Yesterday, the Government announced details of Budget 2021, the largest in the history of the State. So first, letโs look at what comes into effect todayโฆ Carbon Tax This has been increased from today by โฌ7.50 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...
Local Property Tax valuation deferredโฆagain!
The valuation date for Local Property Tax has been deferred again due to Covid 19. The new valuation date has been deferred from 1st November 2020 to 1st November 2021. Minister Paschal Donohoe stated; โWith this new valuation date, there will be no change in LPT...
Income Tax Deadline Extension
Revenue have issued confirmation that the Pay and File Deadline for 2019 Income Tax Returns will be extended to Thursday 10th December 2020. In order to qualify for this new extension, taxpayers much pay and file through ROS. If not, or only 1 of these actions are...
Stay and Spend Tax Credit
As announced in the July Stimulus Package, a new income tax credit has been introduced for 2020/2021. The new Stay and Spend credit will be available to taxpayers who incur qualifying expenses from 01st October 2020 โ 30th April 2021. Qualifying Expenditure Qualifying...
Tax Refunds for Self-Employed & Companies
In the July Stimulus Plan, the Government announced a range of tax, loan and expenditure measures. For those self-employed For self-employed individuals, who were profitable in 2019 but due to Covid-19 are now operating at a loss in 2020 will provide a new once-off...
New Enterprise Support Grant
The Department of Employment Affairs and Social Protection has announced a new Enterprise Support Grant will be made available to all self-employed who ceased the Pandemic Unemployment Payment after 25th June 2020. A grant of up to โฌ1,000 will be available to help...
Employer Eligibility Review for Temporary Wage Subsidy Scheme
Now as we move into Quarter 3, Revenue are advising employers to re-evaluate their eligibility for the TWSS still meets the criteria required.; Employers have suffered at least a 25% reduction in turnover as a result of the pandemicEmployees were included on the...
Week 1 basis for Temporary Wage Subsidy Scheme or Pandemic Unemployment Payment
Employees that have received payments under TWSS or Pandemic Unemployment Payment are to be moved to a Week 1 basis. The Week 1 basis is also known as โnon-cumulative basisโ or month 1 for employees paid monthly. This basically means you pay tax each day you are paid,...
Update to Temporary Wage Subsidy Scheme
Following the announcement by the Minister for Finance, Revenue have now put in place a change to the Temporary Wage Subsidy Scheme to include employeeโs returning to work following a period of leave. Previously, where an employee was returning to work after...