Search Results for 'Withholding taxes'

In the first half of 2012 alone there were 639 income tax defaulters named on the Revenue’s tax defaulters list. Taxback.com say that this should strike a chord with self-assessed taxpayers in Westmeath at a time of year when thousands of self-employed, non-PAYE employees and a growing number of PAYE employees are dreading filing their tax return with just 2 weeks until the October 31 tax return deadline. Taxback.com say that in keeping with other years they expect that a large number of those who are due to file a tax return simply will not do so and a further group will file but will fail to meet the deadline. The latest Global Entrepreneurship Monitor (GEM) Report 2011 shows that 2,200 people started a new business in Ireland every month in 2011 which means that the number of those required to file a tax return is also growing.

Employers should be aware that there have been a number of significant changes to the calculation of employee deductions and the Universal Social Charge (USC) as a result of the 2011 Budget as follows:

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.

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.

Over recent weeks, there has been much speculation on the provisions to be announced in Budget 2012. The anticipation was heightened by the “State of the Nation” address by An Taoiseach Enda Kenny on Sunday night. In an unprecedented move, Minister Howlin and Minister Noonan shared the burden and spread their respective speeches over two days. Some of the main features introduced in the 2012 Budget are set out below:

A warning has been issued to the owners of Kilkenny’s 3,100 buy-to-let properties that landlords need to file a tax return before October 31 - just 10 days time.

Income Tax

Five Kilkenny business people have appeared on this month’s list of tax defaulters which was published this week by the Revenue Commissioners.

The promotions firm once headed by the late entertainer Joe Dolan has been hit with a bill of almost €4 million in unpaid tax and penalties.

The Commission on Taxation report was published on September 7. This detailed document includes nearly 250 recommendations and is likely to have a considerable impact on Irish tax policy in the future. The report aims to broaden the tax base and to stabilise exchequer returns.