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Taxation/Budget News

Self employed tax planning “Tax is cash and cash is God”

ith the Irish “Summer” rapidly coming to an end the thoughts of many self employed taxpayers will begin to focus on their income tax obligations for the current year. There is little doubt that the annual tax filing deadline is a source of much anxiety to many taxpayers.

Aug 31, 2010

Reversing the Burden of Proof in Tax Litigation

The general principle of ‘he who asserts must prove’ is the civil burden of proof imposing an obligation to sustain an assertion or proposition by positive argument. This principle is entirely logical in many tort or contractual disagreements but questionable in certain tax disputes with the Revenue Commissioners (Revenue).

Aug 17, 2010

Finance Act 2010 - Changes to Probate & Capital Acquisition Tax

Revenue will no longer issue High Court certificates in connection with applications for Grants of Representation for deceased persons who died on or after the 5th day of December 2001. Consequently, there will be no requirement in these cases to send the Inland Revenue Affidavit to the Revenue Commissioners prior to submission to the Probate Office.

Jun 8, 2010

Capital Gains Tax

Individuals resident or ordinarily resident in Ireland are liable to capital gains tax on gains from worldwide disposals. Individuals resident or ordinarily resident, but not domiciled, in Ireland are liable on gains arising on the disposal of assets situated in Ireland and on all other foreign gains to the extent that those gains are remitted to Ireland. Individuals neither resident nor ordinarily resident are liable on gains made on the disposal of certain “specified” assets. Irish resident companies are liable to corporation tax in respect of “chargeable gains” on worldwide disposals while non-resident companies are liable in respect of gains arising from disposals of specified assets.

May 25, 2010

Dividend Witholding Tax

Section 33, Finance Act 2010, removes the requirement for certain non-resident companies receiving dividends from Irish resident companies to provide a tax residence and/ or auditor’s certificate, along with a signed non-resident declaration form, in order to obtain exemption from Dividend Withholding Tax (DWT) at source. Instead, a self-certification system will apply under which a qualifying non-resident company will provide a declaration to the dividend paying company or qualifying intermediary to claim exemption from DWT.
The Declaration will include:

May 11, 2010

The Capital Goods Scheme - Direct Taxes Implications

The Capital Goods Scheme (CGS) is a mechanism for regulating deductibility over the 'VAT-life' of a developed property. The CGS applies to property that is developed or acquired on or after 1 July 2008. The scheme operates by ensuring that the deductibility for a property reflects the use to which the property is put over the VAT-life of the property.

Apr 13, 2010

Extension of time limit for errors discovered in completing the Form RCT 35 2009

The filing deadline for the Form RCT 35 2009 was 15th February 2010 or 23rd February for customers filing on the Revenue On-Line Service (ROS).

Mar 16, 2010

Succession planning - it isn’t all about tax!

While people are being encouraged to consider moving wealth to their children to take advantage of the current low asset values, care is needed. Despite some really attractive and useful tax reliefs, some of the asset transfers will involve relatively significant tax payments during a period when cash is scarce. Additionally, it is not unusual for parents to enthusiastically

Mar 16, 2010

Finance Bill 2010 – VAT measures relating to "transitional properties".

Background
The Minister for Finance intends to introduce a Committee Stage amendment to the Finance Bill (as initiated) - Amendment Number 77 on the List of Proposed Committee Stage Amendments refers – which will substitute a new subsection for the existing subsection (10) of section 4C of the Value-Added Tax Act 1972 (as amended). This new measure, if enacted by the Oireachtas, will provide that the "big-swing" rule in the capital goods scheme ("CGS") will apply to transitional properties [1]. The situations in which this rule will apply are outlined below together with some examples of how the rule will operate in practice.

Mar 2, 2010

Finance Bill 2010

The Finance Bill replicates the tone of the Minister for Finance’s budget speech last December in that “High Earners Must Pay Their Fair Share”. The Finance Bill introduces a number of measures which will not only restrict the amount of tax relief high earners can claim, it will also ensure that certain individuals who continue to have close ties to the State will pay make a contribution to the State in respect of their citizenship.

Feb 16, 2010

Changes to R&D Tax Credit Regime – A Missed Opportunity?

Finance Minister Mr Brian Lenihan earlier this month published the Finance Bill 2010 which gives effect to the taxation measures announced in last December’s Budget. The existing R&D Tax Credit regime has been amended to cover situations where a company carries out R&D activities in different facilities in separate geographical locations and the activities in one of these facilities is permanently discontinued.

Feb 16, 2010

Taxation of individuals as employed or self employed for tax purposes – an ongoing issue

For many years there has been a divergence of opinion between Institutions of the State on the one hand and employers and individuals on the other as to whether a person hired to carry out certain duties or undertake a certain project for another person should properly be regarded as an employee or as self employed for Tax purposes.

Jan 19, 2010

Tax Deadline for UK Property looming

ACCA (Association of Chartered Certified Accountants) is warning Irish people who have UK property that their UK tax returns are due by the end of this month.

Jan 19, 2010

VAT Changes in Budget

There were two VAT changes introduced in the budget by the Minister for Finance on 11th December 2009. Firstly, the standard rate of VAT was reduced to 21%, reverting back to the rate which applied pre 1 December 2008. A change in the VAT rate gives rise to procedural issues in relation to invoices

Dec 22, 2009

Research and Development (R&D) Tax Credits

Research and development are the keys to a more knowledge-intensive economy aimed at providing a sustainable, long-term basis for growth and employment. Finance (No.2) Act 2008 included significant enhancements to the existing scheme of tax credits for R&D,

Dec 22, 2009

Budget 2010 – “turning a corner “ ?

The Minister for Finance Mr Lenihan has struck a decidedly positive note in delivering his 2010 Budget speech to the Dail. While declaring the worst is over he has announced little in the way of tax changes for the vast majority of tax payers and has introduced spending cuts of €4 billion which he says is the

Dec 9, 2009

Kilbride Consulting – Budget 2010

As expected and heralded, there have been substantial cuts to public sector expenditure in the much anticipated and certainly dreaded 2010 Budget. Public Service salaries are to be reduced as are Social Welfare payments and new entrants to the Public Service are to have reduced Pension benefits. All of these expenditure cuts will, no doubt, have been expected

Dec 9, 2009

Reduction in high earners cap will mean tax based property investments are a real cost

The Minister in his Budget speech today has increased the effective rate on taxpayers caught by the High Earners restriction from 25% up to 44%. He has increased the effective income tax rate from 20% to 30%. This income is also subject to PRSI, Health Levies and The Income Levy. Tax based property investors who paid up to 26% in equity to avail of hotel and other tax investments are now faced with the prospect that the investment was a real

Dec 9, 2009

KPMG Budget Commentary

Dec 9, 2009

Budget 2010 Overview

Today’s budget speech by the Minister For Finance, Mr Brian Lenihen has demonstrated the government’s continuing commitment to trying to address the public finance deficit.

Dec 9, 2009

PWC Budget Report 2010

As widely anticipated, the Budget focused mainly on cutting expenditure, but also included various taxation measures. The tax highlights…

Dec 9, 2009

Download attachment(s): [ 7_pwc_budget_flyer_2009.pdf ]

Budget 2010 – Seeing beyond what we already knew

I think that anyone reading the papers in the last few weeks would agree that the effectively leaked speech was old news before Brian Lenihan even sat down. Well almost! There were some words however which will have interested advisers and I would like to focus in on four quotes in particular:

Dec 9, 2009

Mazars Budget Report

Brian Lenihan, Minister for Finance, believes that the worst is over and that this Budget is the last big push of this crisis. He says that the Department of Finance is now expecting a return to positive growth within six to nine months. We sincerely hope he is right!

Dec 9, 2009

Download attachment(s): [ 6_Mazars_Budget_Report_2010.pdf ]

12 Days of Christmas

On the 1st day of Christmas my tax consultant said to me (without the singing) that there are some areas in which individuals and business owners could achieve tax savings...

Nov 10, 2009

New Procedures for making EU VAT Repayment Claims Effective from 1st January 2010

All traders who are registered for VAT in Ireland are obliged to submit a form VAT 3 at regular intervals to the Collector General’s Divison. The VAT 3 form contains figures reflecting the transactions carried on by the trader, including the amounts of VAT charged on sales and purchases

Oct 27, 2009

Pension Post Commission on Tax Report

Following the recent issue of the Commission on Taxation report we thought it useful if we provided an overview of the current pension regime and to specifically highlight the various recommendations...

Oct 13, 2009

Commission on Taxation - Proposed Reform of the Appeals System

Commission on Taxation recommendation in relation to Proposed Reform of the Appeals System and introduction of Statutory Safeguards for the Taxpayer

Sep 29, 2009

KPMG partners review the recommendations of the Commission on Taxation Report

Sep 15, 2009

Commission on Taxation Report

The purpose of this article is to provide you with a very high level summary of the key recommendations contained within the report.

Sep 15, 2009

Dont rush to judgment on Commission Report says Chartered Accountants Ireland

Don’t rush to judgment says Chartered Accountants Ireland. The Commission on Taxation report contains some controversial suggestions as to how areas like property could come into the tax system in the future. These and other issues need to be debated fully.

Sep 10, 2009

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