2011 August 2 by tgreavy
Tax Deadline Fast Approaching –
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Get Tax Ready;
It may still be a couple of months away but now is the time to start getting ready for the October 31 tax return deadline. As a Small Business Owner , Sole Trader, Director or Landlord/Investor, whether you plan to compile and submit your returns yourself or have an accountant or tax specialist do the work for you, now is the time to start ensuring you have all the information you will need;
1. Make sure your business accounts for your 2010 year end are complete and your VAT returns are up to date.
2. Compile all your medical expenses/ refuse/waste charges/membership fees paid for professional organisations/tuition fees/Trade Union fees/Donations for the year.
3. Have ready any Pension contributions for the year.
4. Are you in Employment? Have ready your P60 for 2010 or P45 if you left work during the year.
5. Do you pay home care for a loved one? Have ready your home care agency statements for the year.
6. If you own rental properties any expenses allowable must relate to purchase, repair and maintenance of the property.
7. Are you a proprietary director? Do you own 15% or more of a company? If so, you are obliged to submit an income tax return.
8. Have you sold any assets including shares and investments in 2010? Although there is previous requirement to return this you will need any financial information relating to this sale ready including receipts and also relevant expenses arising from the sale.
9. An estimate of preliminary tax payable – usually based on 100% of the previous year’s tax (2009). In most cases it is not applicable to new business start ups.
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2011 June 4 by tgreavy
A new tax policy website has been published by the Department of Finance. It includes:
Legislation related to tax policy
Papers of the Tax Strategy Group
Links to tax policy websites including Irish Taxation Institute Website.
This is update from the Irish Taxation Institute!!
2011 June 4 by tgreavy
In a correction to eBrief No.32/11, Revenue note that stamp duty returns and payments presented to Revenue on or after 1 June 2011, must be filed electronically, regardless of the date the instrument was executed.
2011 June 3 by tgreavy
The Social Welfare and Pensions Bill 2011 was published yesterday, 2 June. A number of measures announced in the recent Jobs Initiative are provided for in the Bill, including the halving of the lower 8.5% rate of employer PRSI from 2 July 2011. The Bill will be debated in both Houses of the Oireachtas during June.
This is an update from Irish Taxation Institute!!
2011 May 31 by tgreavy
The Minister for Finance, Michael Noonan, T.D has called for suggestions from the public on what can be done to encourage viable businesses to seek credit. An email address has been set up firstname.lastname@example.org which will accept suggestions until 8th June.
2011 May 19 by tgreavy
The Bill reflects the tax measures announced in the Jobs Initiative and contains 4 sections of substance.
Section 1 which makes amendments to section 766B TCA 1997, primarily for the purpose of enhancing the flexibility for accounting for the R&D tax credit on an ‘‘above-the-line’’ basis.
Section 2 relates to Air Travel Tax, empowering the Minister to appoint, by order, a day on or after which passenger departures would not be subject to the tax.
Section 3 amends the VAT Consolidation Act 2010 to provide for a second reduced VAT rate of 9%, in respect of certain goods and services, for the period 1 July 2011 to 31 December 2013.
Section 4 provides for the 4 year levy on pension schemes announced in the Jobs Initiative. It imposes an annual stamp duty of 0.6%, payable twice yearly (0.3% each time), on the market value of assets under management in pension schemes approved by Revenue under Irish tax legislation.
The PRSI measures featuring in the Jobs Initiative have not been included in today’s Bill but will be in the Social Welfare Bill expected to be published before the summer recess of the Dáil.
2011 May 19 by tgreavy
We must also be aware of the introduction of the requirement to pay and file taxes electronically (efiling) in a number of phases which began in 2009. Since then, it has become mandatory for a range of taxpayers to make certain returns and payments online. These include:
Under Phase 1 – Government departments/bodies and large companies whose tax affairs are managed by Revenue’s Large Cases Division.
Under Phase 2 – Other “larger companies”, local authorities and semi-State bodies/agencies.
The next extension of mandatory efiling, Phase 3, is being rolled out in two stages this year. 1 June marks the commencement of stage 1 of phase 3, with stage 2 to follow in October. Many taxpayers currently only file their income tax returns online and will now have to also efile their other returns, for example VAT and PAYE/PRSI returns. According to Revenue statistics for 2010 only 40% of P30s and 49% of VAT returns were filed online. Therefore, this development represents a significant change for some clients who may be seeking some help and guidance from their tax advisors on the matter.
Those Affected by the Upcoming 1 June Deadline
From 1 June returns/payments must be made online by the following categories of persons/businesses:
-All companies, trusts, partnerships, collective investment undertakings and European Economic Interest Groupings.
-Individuals filing stamp duty returns for instruments executed on or after 1 June 2011.
-Individuals or companies filing a return of payments to third parties (Form 46G)
-Individuals subject to the high earners restriction.
-Individuals benefitting from or acquiring foreign life policies, offshore funds or other offshore products.
-Individuals claiming a range of property based incentives (residential and industrial buildings allowances).
Revenue have written to those taxpayers and agents affected by this requirement. Agents have been provided with lists of their clients falling within the requirement to efile, as identified by Revenue’s systems. If the list which you receive is incomplete or includes taxpayers for whom you no longer act it is suggested that you contact Revenue to enable them to update their files accordingly.
Revenue have a dedicated section on their website under mandatory efiling with the relevant Regulations, details of the returns to be filed, FAQs and information on using ROS.
This was an update from Irish Taxation Institute!!
2010 November 16 by admin
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