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Archive for Claire McNamara

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

AGRICULTURAL RELIEF – IRELAND

As Tax Advisers, we’re frequently asked to advise business owners stepping down from running their businesses; individuals passing the farm or business to one or more family members or providing for the next generation with assets other than business assets. To provide the most accurate, relevant and comprehensive advice possible, it is Read more

Planning On Preparing Your Own 2015 Tax Return In Ireland?

For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of:

1. Research & Development Tax Credits

2. Capital Allowances for the Provision of Specified Intangible Assets

3. Three Year Relief for Start-up Companies

4. Employment and Investment Incentive (EII)

5. Company Residence

R&D Tax Credit

Up to 1st January 2015, Section 766 TCA 1997 provided that the Read more

Exposure To UK CGT For Non-Residents

When faced with a large tax bill and the administrative burden of having to file Tax Returns in two jurisdictions, people always regret not getting professional taxation advice BEFORE they completed the transaction.

Over the past number of years I’ve been contacted by several Irish citizens returning home from the UK where they’ve lived and worked for a number of years.

In the majority of cases, these individuals have had difficulty selling their UK homes and, as a result, may have rented them out for a number of years until a suitable buyer was found.

Their main question they asked was “Do I have an Irish and a UK Capital Gains Tax Read more

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