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Archive for Claire McNamara

Ireland’s Budget For 2018: A Summary

Claire McNamara, Tax Advisor

The Minister for Finance, Public Expenditure and Reform Paschal Donohoe T.D delivered his first Budget on 10th October 2017 which concentrated more on expenditure than on tax changes. The Minister announced a number of positive measures to assist small and medium sized enterprises prepare for “Brexit” as well as confirming Ireland’s commitment to the 12½% corporation tax rate. We are pleased to bring you our summary of the tax measures set out in Budget 2018.

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Spain Tax System- Personal IncomeTaxes

THE SPANISH SYSTEM HAS TWO TYPES OF PERSONAL INCOME TAX:

-PIT for Spanish resident individuals and

-NRIT for individuals who are not resident in Spain

Spanish resident individuals are generally liable to PIT on their worldwide income wherever it arises. Non-resident individuals are chargeable to NRIT on their Spanish source income only.

RESIDENCE

An individual is liable to Spanish tax based on his or her residence. An individual is deemed to be Spanish resident if he or she spends more than 183 days in the tax year (i.e. the calendar year) in Spain or if the individual’s main centre of business or professional activities or economic interests is located in Spain.

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Want To Set Up A Company In Spain? Summary Of Taxes In Spain

There are a number of alternatives open to individuals wishing to invest in Spain.  These include setting up a limited company or forming a branch / permanent establishment.

Due to the number of foreign clients with trading companies in Spain, we have prepared a general summary of the taxes arising.

This is not a full and comprehensive guide to Spanish taxes and does not provide detail on the local operation of taxes.  As a result, we would always advise anyone with Spanish interests to seek the advice and expertise of a local tax professional.

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Dwelling House Exemption – Ireland Tax

Claire Mcnamara

Everyone is aware that significant changes were introduced in the 2016 Irish Budget but have you thought what they might mean for you?

Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free manner.

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Rental Expenses Ireland – High Court Decision

Claire McNamara

The High Court decision in Revenue Commissioners v Thomas Collins has just been published.

It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.

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Corporate Tax Payment & Filing – Ireland

Clare McNamara

Corporation Tax Returns

The Irish corporation tax system operates on a self-assessment basis. Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.

Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable gains and other relevant information as outlined in Section 884 TCA 1997.

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Corporation Tax Residence And Registration – Ireland

Claire McNamara

Registration

If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form:

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Ireland Minister For Finance Proposes 2017 Budget

Today, the Minister for Finance Michael Noonan T.D. delivered Budget 2017.

Until the Brexit negotiations begin, it is impossible to know the impact for Ireland. However today’s budget gave Minister Noonan the opportunity to affirm the stability of Ireland’s tax policies while at the same time introducing measures to promote economic growth.

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TRUST—Tax Heads to Keep in Mind at FAE Level

Claire McNamara

Income Tax

 

The tax residence of the trustees is what determines the extent of their liability to Irish income tax. When reading an exam question, always pay attention to the residency of the individuals named as trustees. If you are told that all the trustees in the exam question are Irish resident then they are liable to Irish income tax on the worldwide income of the trust from all sources.

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Tax Credit for Research & Development (“R&D”) Expenditure – Ireland

A company and not a sole trader is entitled to a tax credit equivalent to 25% of qualifying R&D expenditure incurred in a particular accounting period which can be offset against the corporation tax liability.

For accounting periods beginning on or after 1st January 2015, the base year restriction has been removed which means the credit is now available on a volume basis as opposed to an incremental basis. Read more

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