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Tag Archive for Ireland

Ireland: Tax Treatment For Short Term Rentals

Yesterday, Revenue eBrief No. 59/18 was published. This comprehensive nine-page document outlines the tax treatment for income arising from the provision of short-term accommodation:

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-01-20.pdf

A short-term letting is defined as a letting of all or part of a house, apartment or other similar establishments:

– As a tourist, holidaymaker or other visitor
– For a period which does not exceed or is unlikely to exceed 8 consecutive weeks

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Ireland Tax: Home Renovation Tax Relief Explained

Home Renovation

If you carry out repairs, renovations or improvement works to your own home, tax relief is available by way of an income tax credit at 13.5%.

The work must be on your own home. Holiday homes or rented residential property do not qualify. New builds and complete reconstruction of a previously uninhabitable house do not qualify. Read more

All Irish Tax Residents Working Abroad Must Factor In ‘Withholding Tax’ On Their Winnings

When following the Masters in Augusta it occurred to us that golfers & musicians both share ‘common ground’.

All Irish tax residents working abroad must factor in ‘withholding tax’ on their winnings or live performance in most countries. Withholding tax is deducted at source from any payment to a non-resident individual.

Artistes & Athletes are twinned together in the Double Taxation Treaties and Ireland has these agreements with 74 other countries. The Treaty covers Income Tax, USC, Corporation Tax & Capital Gains Tax. Read more

Ireland Tax: Local Property Tax Information You Need To Know

This annual charge was introduced back in 2013 and it is relevant to you if you own a residential property in the Republic of Ireland, have a long-term lease over 20 years, or a life interest in the property for more than 20 years.

This is a self-assessment taxso you calculate the tax based on your own assessment of the market value of the property. You pay every year based on the valuation on 1 May 2013.

Market value bands determine the amount payable. The rates introduced in 2013 still apply and will continue until 1 November 2019 – but some Local Authorities have made adjustments downwards depending on your location. Read more

Ireland Tax: Should I Form A Company Or Be Self-Employed?

We all know that dealing with your tax affairs is a headache at the best of times. Three recurring questions I continually get asked are:

Do I qualify for the artist’s exemption? Should I form a company or be self-employed? Have I to register for VAT?

Artist’s Exemption

Did you know that your work may qualify for the artist’s exemption up to €50,000 per year?  This gives you as a writer an incentive to be more pro-active in dealing with your tax affairs. Read more

Ireland Tax: Separation, Divorce, And Your Tax Position

During a turbulent time of marital separation, you need a few simple steps to make life easier and update your tax position.

Pick A Date – sounds easy, but sometimes not that clear to know the exact date of separation. You need to have a date so that when you contact Revenue to let them know, you have the date ready. There is no form just for this, so just call your local tax office and tell them over the phone giving your PPS number, or drop them a line if that is easier for you. (You will show the change of marital status on your next tax return) Read more

Ireland Tax – Stamp Duty For Non-Residential Properties

As you are aware, Finance Act 2017 increased the rate of stamp duty on the transfer of non-residential property from 2% to 6% with effect from midnight on Budget Day.

The change applied to instruments executed on or after 11th October 2017.

This dramatic increase will, most likely, reduce the number of commercial property transactions carried out in Ireland in 2018. Read more

Irish Employment Tax

It’s very difficult to keep up to date with all the amendments to the Irish tax system so here is a summary of some of the changes to be mindful of in 2018:

1. Annual Membership Fees paid to a professional body (Revenue eBrief 04/18 published on 9th January 2018)

https://www.revenue.ie/en/tax-professionals/ebrief/2018/no-0042018.aspx

The updated Revenue guidance notes allow an employee to claim a deduction for professional membership fees only in circumstances where: Read more

Irish Taxes- 4% Stamp Duty Rebate On Development Land Used For Residential Development

A stamp duty refund scheme in respect of land purchased to develop residential property was signed into the 2017 Finance Act on 25th December 2017.

The Act provides that where stamp duty, at the new higher rate of 6%. is paid on the acquisition of land which is subsequently used to build residential property, the purchaser will be entitled to a rebate of 4% being 2/3rds of the duty paid.

It is important to keep in mind that the refund of stamp duty is only applicable in relation to the proportion of the land used for residential development. Read more

U.S. Expat Taxes For Americans Living In Ireland

Hugo Lesser

It has been estimated that there are several thousand Americans living in Ireland.

Living in Ireland is an incredible experience for a number of reasons, including the friendly locals, the incredible landscapes, the charming culture, not to mention easy access to the rest of Europe. As an American expatriate living in Ireland though, what exactly do you need to know regarding filing U.S. expat (and Irish) taxes?

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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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