Search Results for 'Taxation in the Republic of Ireland'

Six Galway individuals made tax settlements in the first quarter of this year, the latest list of tax defaulters published by the Revenue Commissioners reveal.

The Irish government has a problem. It is a problem that the AA can be very relaxed about because it is something our members are likely to cheer. Vehicle Registration Tax takings have collapsed. This monstrous tax on car owners has always been deeply unpopular and lots of people will be glad to hear that motorists are paying far less of it.

The Irish government has a problem. It is a problem that the AA can be very relaxed about because it is something our members are likely to cheer. Vehicle Registration Tax takings have collapsed. This monstrous tax on car owners has always been deeply unpopular and lots of people will be glad to hear that motorists are paying far less of it.

The Minister for Finance Michael Noonan this week published the Finance Bill 2012 which gives effect to taxation measures announced in last December’s Budget.

The P35 deadline is creeping up on us fast, the date for returning your annual P35 return on time for the year ended December 31 2011 is February 15 2012.

Relevant contract tax is a withholding tax which applies to all those involved in construction, forestry, and meat processing operations. The legislation obliges the principal contractor to deduct 35 per cent tax from the amount payable to contractors/subcontractors engaged to carry out activities for which he/she does not hold a relevant payment card. In general, a principal contractor may include property developers, building companies, construction trades. Local authorities and public utilities companies established under statute are also deemed to be principal contractors. The principal contractor is also obliged to maintain records of all payments regardless of whether they have a relevant payment card on file for them.

Last week, Revenue posted letters to 150,000 people about their tax compliance, including those who are claiming widow’s and widower’s pensions. Over the weekend, there was much comment and criticism in the media about the way Revenue has handled the situation. Accepting Revenue has taken a scattergun approach to the potential non-payment of income tax by pensioners, it is important that people understand how a tax liability might arise and that they have the information to hand to ensure they are compliant in 2012.

The issue of inheritance and gift tax (CAT) is becoming more important to many people because of the reduction in the amount an individual can receive tax free. When an individual decides to transfer his/her assets to another person, either by gift or on their death, assets over a certain value will attract CAT. The current rate of tax is 25 per cent, there is speculation that it will increase in the upcoming budget. It is important that individuals plan the transfer of assets in a tax efficient manner, as many people may be forced to sell assets they have been gifted or left on an individual's death in an attempt to pay the CAT liability.

Self-assessed people (including sole traders, partners, proprietary directors, PAYE employees with rental income etc.) have to make a return of income by the end of october (or mid November if filed online). Worse again they must also pay all outstanding taxes due for 2010 and a corresponding amount for 2011 in many cases to prevent nasty fines. To avoid the severest of haircuts Numbercruncher advises the following no-brainer tips to save you money.

Self-assessed people (including sole traders, partners, proprietary directors, PAYE employees with rental income etc.) have to make a return of income by the end of this month (or mid November if filed online). Worse again they must also pay all outstanding taxes due for 2010 and a corresponding amount for 2011 in many cases to prevent nasty fines. To avoid the severest of haircuts Numbercruncher advises the following no-brainer tips to save you money.