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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.
Interest Rate Reduced to 0% on Warehoused Tax Debt
The Minister for Finance has announced a significant change to the Tax Debt Warehousing Scheme that could provide much-needed relief for small businesses across the country. The interest rate on warehoused tax debt has been reduced toย 0%. Introduced in response to the...
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Temporary Wage Subsidy Scheme (TWSS)
TWSS was in effect from 26th March to 31st August 2020 to provide much needed support to over 66,500 employers in maintaining over 664,000 employeeโs during the pandemic. Revenue has now provided TWSS reconciliation information to most employers who participated in...
Dependent Relative Credit
A taxpayer may claim dependent relative credit for maintaining a relative or spouse at their own expense. This relative may be incapacitated by old age or infirmity or a widowed parent. This relative is not required to be living in Ireland to qualify. This tax credit...
Applications now open for Small Business Assistance Grant
The Government have announced that applications can now be submitted to apply for the Small Business Assistance Scheme for Covid (SBASC). This scheme is to assist companies, self-employed, sole traders or partnerships effected by the Pandemic with a minimum turnover...
VAT Rate reverts to 23%
From today, 01st March, the vat rate will revert back to 23%. Due to the pandemic, the VAT rate was reduced to 21% for 6 months. Unfortunately, the Government have confirmed this will not be extended and from 01st March, businesses need to now apply the 23% rate to...
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.
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, Irelandโs minimum wage has increased from โฌ10.10 to โฌ10.20 per hour or part thereof, based on age of employee. Source citizensinformation.ie Calculating hourly rate As stated in the National...