- SHOULD I OPERATE AS A SOLE TRADER OR THROUGH A COMPANY?
- CAN I CONVERT FROM A SOLE TRADER TO A LIMITED COMPANY?
- WHAT ARE THE IMPORTANT TAX PAYMENT DATES?
- DO I PAY TAX IF I INHERIT MONEY OR A BUSINESS?
- DO I HAVE TO REGISTER FOR VAT?
- IS TAX RELIEF STILL AVAILABLE FOR PENSION PAYMENTS?
- AND WHAT ABOUT MEDICAL EXPENSES?
- AM I DUE TAX BACK?
- WHAT IS A REVENUE AUDIT?
- WHAT IS A DESK AUDIT/ASPECT QUERY?
- CAN A COMPANY HAVE ONE DIRECTOR?
- DOES NON COMPLIANCE WITH LPT AFFECT MY TAX?
- WHAT IS THE HOME RENOVATION SCHEME?
- WHAT IS THE HELP TO BUY SCHEME?
- IS IT EASY TO SET UP A COMPANY?
It really depends on the circumstances. Operating through a limited company can offer a veil of protection with limited liability whereas operating as a sole trader means that the individual is personally liable for all debts in the event of business failure. There are tax implications also and operating through a limited company can be efficient in cases where the business is generating profits in excess of that required by the owner. Operating through a limited company can afford better pension planning opportunities. The compliance costs of operating through a limited company are normally higher due to CRO filing requirements and statutory responsibilities.
Yes, and there is tax relief on any deemed disposal of your business should it have a value. The changeover requires considerable administrative changes but can be done without triggering any tax. We can help you make the change.
For self assessed taxpayers, 31 October is the pay and file date (mid November for if paying and filing online). 31 October is now also the relevant payment date for Capital Acquisitions Tax (“CAT”) payable for any valuation dates in the 12 months ending on the preceding 31 August.
Capital Gains Tax is payable on the 15th December for chargeable gains for the first 11 months of the year with CGT payable for chargeable gains in December payable 31 January of following year.
Local Property Tax has varying dates of payments depending on the method of payment.
This will depend on the relationship between the person giving the gift or inheritance and the recipient and the amounts received. There are thresholds based on the relationship between the two parties. The current threshold for gifting from parents to children is currently €310,00. There are also significant reliefs available where family businesses and agricultural property are transferred between generations.
You must register for VAT if you are carrying on a vatable activity and your turnover is over the threshold for mandatory registration. For goods, the normal threshold is €75,000. If you are under the relevant Threshold amount, you may elect to be vat registered, and this can be beneficial to certain businesses.
Yes, tax relief is available for payments into private pensions. Subject to limitation in certain circumstances, tax relief at the marginal rate is available for pension payments.
Yes, but usually only at the standard rate of tax. Most medical expenses, not covered by health insurance, can be claimed. Dental expenses can also be claimed provided the treatment is non routine.
Depending on your employment status in previous years, you may have overpaid taxes. You can go back four years and claim refunds of overpaid taxes. However, certain tax reviews can through up an underpayment instead of an overpayment. We will review your four years taxes on a no refund no fee basis.
The Revenue Commissioners can carry out an audit on any individual or entity and has broad ranging powers to compel taxpayers to supply information to them. Revenue are entitled to examine any documentation that forms part of a business or an individual’s books and records. If you are notified of a Revenue Audit, it is important to treat it very seriously. If you require assistance in dealing with the process Emmet Colleran can meet you and advise on the process.
Revenue can request information without formally starting a Revenue Audit. Depending on the findings of these smaller queries, a Revenue Audit can follow. Desk Audits and Aspect Queries should be treated as seriously as Revenue Audits.
Yes, recent changes in company law allows companies have one director. They must also have a secretary, who cannot be the same person as the sole director.
Yes, it can affect an ability of an individual or a company (where a director has not complied with LPT) to obtain a tax clearance certificate. The Revenue can apply surcharges to your Income tax return if you file same with outstanding LPT returns.
The Home Renovation Incentive (HRI) is a relief from Income Tax (IT) for homeowners, landlords and local authority tenants. You can claim the HRI Tax Credit for repairs, renovations and improvements to your home or rental property. The HRI allows you to claim a tax credit of 13.5% of the total cost of repairs, renovations and improvements up to a certain maximum spend.
The Help to Buy (HTB) incentive is a scheme for first-time property buyers. If you are a first-time buyer, it will help you with the deposit you need to buy or build a new house or apartment.
You must buy or build the property to live in as your home. The amount that you can claim is the lesser of:
• 5% of the purchase price of a new home. For self-builds this is 5% of the completion value of the property
• the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.
It is reasonably straight forward to set up a company. An application is made to the CRO and the process can take up to 5 days. We can undertake to set up companies and assist with the tax registration of these companies with the Revenue Commissioners.