Self assessment tax regulations place the onus on Companies to file an annual Corporation Tax return no later than nine months after the financial year end. Under the current pay and file regulations two installments of preliminary Corporation Tax for each accountancy period must be paid on time to the Revenue Commissioners.
We can assist in calculating the relevant preliminary tax payments due and in ensuring they are returned to revenue on time. We can also assist in completion of the annual return and calculation of any balancing tax due / refundable. We are fully integrated with the Revenue On Line system and can file and pay on line for all our clients.
Self assessment tax regulations place the onus on the taxpayer to file an annual tax return that is accurate and complete, by the 31st October in each year. We can assist with the preparation and filing of income tax returns. We are fully integrated with the Revenue On Line system and can file and pay on line for all our clients.
Capital Gains Tax
Capital gains tax regulations place the onus on the taxpayer to calculate and pay capital gains tax at two different intervals throughout the year as follows:
- Payable by the 31 October in each year – capital gains tax on disposals of chargeable assets in the period from January to September of that year
- Payable by the 31 January in each year – capital gains tax on disposals of chargeable assets between the previous 1 October and 31 December of each year.
Capital gains tax is under self-assessment and a return must be made to the Inspector of Taxes by the 31 October in each year. We can assist with the calculation, payment and return of any capital gains tax due. We can also ensure that any available relief against your capital gains is claimed.
Capital Acquisitions Tax
Capital acquisitions tax is payable on gifts or inheritances in excess of specified thresholds, which vary depending on whom the gift or inheritance is taken from. As an example an annual gift of €3,000 may be received by an individual from any number of persons without incurring a liability to gift tax or being included in the total of lifetime gifts.
Careful planning is very important for any person who intends to dispose of a business or farm by way of gift or inheritance. We advise and assist clients to achieve the most efficient methods of giving or receiving gifts or inheritances.
Value Added Tax is payable on supplies of chargeable goods by registered persons. VAT returns are made bi-monthly and are due by the 19th of the following month. An annual VAT return must also be made to the Revenue Commissioners to cover each accounts year. VAT legislation can be complex, especially in such areas as VAT on property. We can assist you with value added tax as follows:
- Assessing whether or not a transaction falls within the VAT net.
- Confirming what rate of VAT may be payable on the transaction.
- Calculating and returning any VAT due to the Inspector of Taxes.
In certain circumstances the direct debit scheme in relation to VAT may be availed of. Under this scheme direct debit payments are made to the Inspector of Taxes for VAT each month. The advantage of this is that bi-monthly VAT returns do not have to be made. We can assist with your application to avail of the direct debit scheme for VAT and with the calculation of the relevant amount for the direct debit payment.
PAYE and PRSI are returned monthly to the Inspector of Taxes, the return and payment being due by the 14th of the following month. Our Payroll Department can assist you with calculations of PAYE and PRSI due.
There is a direct debit scheme available under certain circumstances for PAYE/PRSI. The advantage of this scheme is that the monthly return does not have to be completed, and direct debits payment being made each month to the Collector General for PAYE/PRSI. The P35 annual return does of course have to be completed at the 31 December in each year. We can assist with your application to avail of the direct debit scheme, and with the calculation of the relevant direct debit payment.
Employers must file an annual P35 return made up to The 31st December, by the 15 February in the following year. We can assist you with the preparation of your P35 return and calculate the relevant payment due to the Collector General.
There are a significant number of tax reliefs available against various charges to tax. Some of them were commonly encountered reliefs are business relief and agricultural relief, where the transfer of business assets or farming assets is either partially or fully relieved for capital gains tax purposes. A number of conditions attach to these reliefs.We can analysis your situation and proposed transaction and let you know if it will qualify for tax relief. We can also outline the qualifying conditions that must be met in order to avail of the relief and therefore put you in a position to plan to minimise your tax liabilities.
In each budget the Minister for Finance amends existing tax legislation, sometimes with a view to giving the tax payer a particular incentive, for example an incentive to invest in the property or an incentive to open a pre-school business.A number of qualifying conditions attach to all tax incentives. We can assist you with determining whether or not you will be in a position to meet the qualifying conditions and avail of tax incentives to reduce your tax liabilities.
Sometimes even the simplest of transactions gives rise to a number of tax charges. For example sale of a building may be subject to VAT, capital gains tax, and corporation tax (in the form of balancing charge) for the seller and stamp duty for the purchaser. We offer a service of “transaction planning”, whereby we will analysis the proposed transaction and let you know what tax charges it would be subject to.
We will calculate the relevant amount of each tax payable less any reliefs available. In order to ensure that tax liabilities on proposed transactions are minimised, you should ensure that we review your transaction BEFORE it takes place. This will give adequate opportunity to ensure that any qualifying conditions for available reliefs are met. It will ensure that you avoid transactions where the potential tax liabilities are such that make the transaction too costly.
To often we see situations where the transaction has been completed and it is too late to minimise tax liabilities. It will cost you to have us review your proposed transaction, but considering the enormity of potential tax liabilities on even the seemingly most straight forward transactions, it could cost you far more if you do not have us review it.
Call in or contact us to avail of our taxation and transaction planning service.