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!!
2011 March 20 by admin
Thinking of Changing Accountant?
Do you have concerns about your current Accountant? Are you receiving the value, service and advice your business deserves? What steps do you need to take if you wish to change Accountants?
You pour your heart, soul and resources into your business. You work hard, sacrifice and strive to succeed in a competitive market place. Because of your dedication you need an accounting partner who is equally dedicated to your success.
2011 March 1 by admin
Thomas Greavy FCCA AITI
Having ten years experience in advising clients in all matters relating to accountancy and taxation I have gained much exposure to a variety of business needs and issues. With particular experience in advising small businesses and family owned businesses I have the knowledge, expertise and know how to grow your business.
I have set up my own practice, ThreeSquare Accounting in response to the changing demands and needs of clients.
All too often, in meeting with prospective clients, I hear business owners complain that they do not feel they are getting value from their Accountant, that they have difficulty getting the information they require from their Accountant, or they only see their Accountant when a fee is due. This is no longer acceptable.
At ThreeSquare we promise to do things differently – to always be proactive on your behalf, to be accessible, flexible to your needs and to be affordable.
Particularly in these difficult economic times, business owners need proactive, forward thinking advice. They need someone who is on their side, willing to fight their corner. I welcome this challenge! Indeed, on behalf of clients I have successfully negotiated with the Revenue Commissioners, Banks and Grant Authorities. I have worked closely with clients in turning huge losses into profits through my proactive style which has proven very effective in assisting company growth.
Finally, at ThreeSquare we promise to always remember that our clients are the most important part of our business and that you will get the best possible customer service when dealing with us.
2010 November 16 by admin
Confused about Tax? Want to learn how to reduce your Tax bill?
Sign up for our quarterly TAXtics newsletter which will contain updates and commentary relating to Irish Tax issues, as well as providing valuable tips and tax saving advice – and much more.
2010 November 16 by admin
Most companies can no longer justify the cost of maintaining an in-house accounting function within their business. As a solution to this ThreeSquare Accounting can offer a cost effective alternative.
Our flexible onsite service means that we will spend a number of days per month (as agreed) at your business premises to fulfil these duties – all the while making recommendations for improvements. Our services can be tailored to your needs to include monthly accounts, bookkeeping and payroll services, as well as company sercretarial services.
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