Taxation

Tax Deduction for the Non Principal Private Residence Charge

This was an annual charge from 2009 to 2013 in respect of residential property that was not the owner’s principal private residence. The Revenue indicated at the outset that the charge was not deductible in calculating the net profit rent on a let property as the charge was not one of the authorised deductions under […] Click here to read more.

Timely Update to Ireland’s International Tax Strategy

October 2016 In the competitive Foreign Direct Investment (FDI) world and in a post BREXIT and post Apple judgement environment, it is timely that Ireland has issued this International Tax Strategy Update [..] Click here to read more

10% CGT Rate announced in Budget 2017

From 1 January 2016, the rate of CGT applying to a disposal by an individual of the whole or part of a qualifying business (which can include shares – minimum 5% ownership) was reduced to 20% from 33%. This rate will be further reduced to 10% following the announcement made by the Minister for Finance […] Click here to read more.

New Tax Appeals Regime

A new tax appeals regime came into operation on 21 March 2016 with the establishment of a new tax appeals body the Tax Appeals Commission (TAC).

A key change to the process is that appeals are now to be made directly to the TAC and not to Revenue. The time limit for making an appeal is 30 days for all tax heads. Click here to read more.


 

CAT Planning – Dwelling House Exemption

Inheritance tax (CAT) is no longer a concern of only the very wealthy. With a 33% CAT rate and a parent/child threshold of €280,000, many people are rightly concerned about the tax cost that their family will face in the event of their death. Click here to read more.

 


 

Personal Taxation Services

Ormsby & Rhodes provide a full range of Personal Taxation Services to clients across all sectors. A key part of this service is the preparation and submission of the annual Income Tax return. Click here to read more.


 

Research & Development (R&D) Tax Credit Update

The R&D tax credit scheme is a vital source of finance for developing Irish SMEs. The higher volume of Revenue Audits in this area has led to an increased level of uncertainly in recent years. For businesses relying on the credit as a source of funding, any uncertainly is significant. Click here to read more.


 

Budget 2015

This felt like an old fashioned Budget. A political Budget with a bit of give and a bit of take unlike the last six Budgets which were all take, take and more take. While the detail won’t be game changing it is the message that a Budget, with something for nearly everyone, hopefully gives to the national economy. Austerity is over; we have done the time and now we need a consumer led recovery. Click here to read more.


Getting ready for iXBRL

XBRL (eXtensible Business Reporting Language) is a language that allows the presentation of financial information in a computer readable format by marking or tagging pieces of financial information about a business. iXBRL is a human readable version of XBRL presenting the financial data in a normal document format but with XBRL tag embedded in the soft copy document. Tagging enables the data to be analysed automatically by software. Click here to read more.


 

UK CGT changes for non-UK residents on residential property

In 2014, the UK Government published a consultation document on extending CGT to non-UK residents from 6 April 2015. The recent UK Finance Bill (No 2) 2015 legislates for this change. Click here to read more. 


CAPITAL GAINS TAX & CAPITAL ACQUISITIONS TAX

Tax Planning Opportunities

Capital Gains Tax (CGT) is payable on gains arising from the disposal or transfer of assets while Capital Acquisitions Tax (CAT) arises on the receipt of assets by means of gift or inheritance. Click here to read more.


 

Adjustment of VAT

Finance Act (No 2) 2013 inserted a new Section 62 A into the VAT Consolidation Act 2010, which provides for an adjustment of the VAT deductible amount where businesses that fail to pay their suppliers within six months (3 VAT periods). Click here to read more.


 Taxation of Maternity Benefit

Taxation of Maternity Benefit, Adoptive Benefit and Health & Safety Benefit with effect from 1st July 2013. Click here to read more.


 

Travel Tickets

The provision of monthly or annual bus or train passes by an employer to an employee or director is not a taxable BIK. This exemption applies not only to transport services provided by State companies but also to transport services provided by licenced private transport operators to include travel on commuter ferry services which operate within the State in respect of journeys which begin and end in the State. In order for this exemption to apply the employer must incur the expense of the bus/train or ferry pass. Click here to read more.