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Income Tax Receipts Higher than Forecasted

As reported in the Irish Times, 03.03.2020, the latest exchequer returns show the Government received income tax of €3.97 billion for the months of January & February, 3.3% lower than forecasted but up over 14% based on previous years.

VAT income was up by 4%, generating over €3 billion, with Corporation Tax at €583 million from the start of the year, 117% above forecast.

In total, €9.2 billion in tax was collected, €285 million more than expected.

Revenue have stated that the total received in the last 2 months generally account for less than 2% of a full year of overall receipts.

While you are here, Read more of our blogs here

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Home Renovation Incentive

The Home Renovation Incentive Scheme (HRI) was implemented in October 2013 and was originally available for homeowners to apply until 31st December 2015. Subsequently, the scheme was extended in December 2014 to include all homeowners, including landlords and finished in December 2018.

Home improvements carried out in 2019 were also included if planning permission was in place by 31st December 2018.

As the Home Renovation Incentive (HRI) scheme is now finished, we can now take a look at the figures behind this successful scheme.

The HRI scheme was a tax relief available to homeowners, for home improvements and repairs carried out in their property. To qualify, homeowners had to be

  • Taxed under PAYE or self-assessment
  • Local Property tax payments up to date and
  • Work carried out was by HRI qualifying contractors

Between 2013 – 2019, there were over €73,000 homeowners availing of the HRI relief on over 98,000 properties. The total value of these works totaled over €2.5billion with the average improvements valued at nearly €17,000.

You can check your own HRI claims, through MyAccount on the Revenue website.

While you’re here, why not catch up on our recent blogs here

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Flat Rate Expenses ‘U-Turn’

As reported in the independent.ie on 05th December, it appears the Government are about to do a U-turn on abolishing or reducing flat rate expenses for nearly 600,000 employees

Flat rate expenses are to cover work-related expenses and as we previously advised, Revenue had undertaken a review of these to be withdrawn from 1st January 2020.

It seems due to ongoing pressure and opposition from various trade unions this will now been postponed until 01st January 2021.

A Department of Finance spokesperson said, “work is ongoing on this matter”.

“Minister Donohoe will be in a position to make a statement in respect of this in due course,” they said.

We hope to have further details soon…

Get up to date and catch up on our previous blog here!

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Registered Beneficial Owner

Friday, 22nd November is the deadline for registering and filing details of Beneficial Ownership data of companies/entities.

What is Registered Beneficial Owner?

The RBO is a stand-alone central register holding information on persons who are relevant entities beneficial owners/controllers, including details of the beneficial interests held by them, in accordance with anti-money laundering legislation. This register will be available to the public and provide clear, transparent information on who owns and controls Irish Companies and Industrial & Provident Societies. The objective is also to deter money laundering and terrorist financing, through clear information who is the owner or in control of Irish Companies/societies.

Relevant entities are:

  • companies formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act, and
  • industrial and provident societies registered under the Industrial and Provident Societies Acts 1893 to 2018.
Who is a Beneficial Owner?

A Beneficial Owner is a person who owns or controls a legal entity, including;

  • ownership (directly or indirectly) of more than 25% of the company/society’s shares,
  • controlling (directly or indirectly) more than 25% of the company/society’s voting rights,
  • control via other means which is explained in Recital 13 of 4AMLD as follows:

“Control through other means may, inter alia, include the criteria of control used for the purpose of preparing consolidated financial statements, such as

  • through a shareholders’ agreement,
  • the exercise of dominant influence or
  • the power to appoint senior management”.
Where do I file?

Filing must be done through the RBO on-line portal as no paper forms are required. Failure to comply with these requirements is a breach of statutory duties and a criminal offence which is subject to sanctions.

Any company/society who has not filed on or before the 22nd November 2019, will be deemed to be late and may be subject to sanctions. Regulation 20(2) requires all newly incorporated companies and I&P’s to register their beneficial ownership details within five months of incorporation.

Any changes to the company or societies list of beneficial owners must be notified to the RBO within 14 days of the change.

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 info@itasaccounting.ie

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