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Revenue is reminding customers that there is a four-year time limit for claiming tax refunds. This means that if you have a claim for 2011, Revenue must receive it by December 31, 2015.
It is said that “charity begins at home”. It is also said “look after the pennies and the pounds look after themselves”. Maybe this has been updated for cents and euros I’m not sure but as part of the recent Budget documentation, a report on the VAT cost for charities was released by the Department of Finance. Its main findings and representations were put forward by the Irish charities Tax Reform Group, a working group formed to examine proposals of reducing the VAT burden on charities in Ireland.
In his budget day speech, Minister Michael Noonan recognised the significant role played by the farming and agri-food sector in Ireland’s economic recovery. This important sector employs approximately 169,000 people across the country and its produce is one of Ireland’s top 10 exported commodities.
An extra €80 million of taxpayers’ money will go towards subvention of the highly controversial, and much mistrusted, body Irish Water from next year, a Freedom of Information request from a Galway county councillor has revealed.
Claremorris Municipal District Sinn Fein councillor Gerry Murray has said that many group water scheme members feel that they have being abandoned by the Government and left to the mercy of the Irish Water. Speaking this week Cllr Murray said it was to be regretted that neither Fianna Fail nor Fine Gael consulted with the group water sector before agreeing to the establishment of Irish Water.
There are less than two months to get your tax back for the year 2010 and tax experts at www.taxback.com are advising people that they may be letting go their claim to hundreds of euro in tax refunds for a year that saw some of the bigger tax reliefs still in place. Taxback.com’s average PAYE worker tax refund is €840 and the experts contend that while the tax credit for water charges paid won’t be available until 2016, there is still a long list of tax reliefs available to people that could result in savings of hundreds of euro - but many of these go unclaimed every year either due to a lack of awareness or apathy on the part of the taxpayer.
According to a report published by the Restaurant Association of Ireland, 605 new jobs in the food, tourism, and hospitality sectors have been created in Mayo since the reduced VAT rate of nine per cent was introduced in July 2011. To highlight the scale of job creation, the report compares the number of direct new jobs to a major local employer, revealing that the 605 extra jobs created in Mayo is more than four times the number of people also employed in Mayo at Knock International Airport.
At the moment for most people buying a new property or trading up is not an option. However given the added benefit of the Home Renovation Incentive Scheme coupled with a home improvement loan from Castlebar Credit Union your dream home could now be the one you are already in.
Experts at Taxback.com are urging PAYE workers to submit their tax refund applications since the Irish tax year ended on December 31. The tax professionals say that their current average tax refund is €880 for a PAYE worker but that as the Government has gnawed away at various tax reliefs over the last few years they expect that average to drop as the years go on.
From 1 January 2014, businesses which have not paid for supplies (either in full or in part) within a six month period will be required to repay to Revenue the VAT previously reclaimed on these supplies. This is mainly an anti-fraud measure, however it is hoped that it will encourage prompt payments, thus increasing cash flow for suppliers, as we all know that cash is king!! Where the supplier is subsequently paid, the amount of deductible VAT can be reclaimed by the customer again. This is measured on a pro rata basis.