John M Shanahan & Co.

linking practice to business

Chartered Accountants
Registered Auditors

Phone: 057 93 22100

email: info@shanahan.ie

Below you will find articles of interest to all matters of business, penned by the company's principal, John M. Shanahan.

You may access the complete article by clicking on the relevant Read More button in the article previews below. Feel free to contact us if you would like more information on any of the matters covered here.

BUDGET 2019

Budget 2019 - faced with so many demands for Funds and Assistance meant the Minister could not achieve any high impact moves -  playing it safe, knowing there is only so much in the Cookie Jar.

October 13, 2018

 

On the 9th October Paschal Donohoe has delivered his budget speech as Minister for Finance and set out the  budgetary measures from the Government in a time where we are watching many risks to the economy unfold such as a US trade war, a possible EU crisis with Italy in the mix and closer to home the all encompassing Brexit or no Brexit deal which has the capacity to send Ireland back into a recession.

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have looked at the main points for inclusion in Budget 2019. 


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Check-in Time - Its your Income tax Deadline 2017

Fast Approaching Tax filing Deadline - make sure you have met your tax obligations and sleep earlier.

October 5, 2018

 

The income tax return deadline for the tax year 2017 is fast approaching.  In order to ensure you are compliant, returns must be filed on or before the 31st October 2018.
However, taxpayers who both file their return of income and make the appropriate payment though ROS for:

  • Income tax balance due for 2017, and
  • Preliminary income tax due for 2018,

can avail of Revenue's extension to the normal filing date and file by 14th November 2018.
The responsibility is on the individual taxpayer to file the return, calculate the liabilities due and pay the taxes on time.

It is advisable to seek our guidance when preparing your return in order to ensure the maximum reliefs are availed of and the correct liabilities are calculated, so don't be penny wise and pound foolish.


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Non Residential Landlords & Rental Tax

As Landlords renting a property in the State but living abroad, you still have an obligation to make an Irish tax return on your rental Income.

September 29, 2018

If you’re renting a property in the Republic of Ireland but live abroad, there are a few things you might want to know.
Whether you live in Belfast Northern Ireland or Buffalo New York, if you rent property in the Republic of Ireland any money you make from lettings is still chargeable to the same tax as residents of the State. Your gross monthly earnings are subject to income tax, and you're still required to submit a tax return to the revenue every year.


 

 

 

 

 

 

However, in terms of paying your tax, the standard practice for non-resident landlords is that your tenants withhold the standard 20% income tax from their monthly rent and pay it to the revenue on your behalf.


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Tax Relief on Third Level Tuition Fees

Revenue refer to it as a "Tax Relief on Tuition Fees" - small, but not too insignificant to Ignore.

September 28, 2018

As colleges has just started back the costs of third level education become apparent, you as the parent or payee will be happy to know that some relief is available.
The person who pay tuition fees for third level courses on their own behalf or on behalf of another can claim the tax relief.

 

 

 

 

 

 

However the tax relief is available only at the standard rate of 20% (and even that is subject to restrictions) on tuition fees including the student contribution (sometimes called a registration fee) paid for full or part-time third level courses. For the academic year 2018-2019, the student contribution is capped at €3,000.


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PAYE Modernisation

Revenue's way of off-loading work, at no cost to you - the employer - now that's a myth surely.

September 2, 2018

 

 

 

Billed as PAYE modernisation, Revenue is moving towards Real Time Reporting (RTR) for employers. This is a significant development. It follows the path taken by the UK, where RTR has been in place since April 2013.
RTR has been in place in Ireland for Relevant Contracts Tax (RCT) since 1 January 2012.

 

PAYE RTR will mean having to report pay, tax and other deductions, as well as any employees leaving their employment, at the same time as you run your payroll function - be aware of the effect on your business.

 

 


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Airbnb Income Declarations

Under-declared Rental Income courtesy of Airbnb, Revenue have begun their trawl.

August 22, 2018

 

The latest to feel the Revenue wrath will be Airbnb hosts as Revenue have begun contacting hosts in writing regarding undeclared income.

 

 

We have warned before about the so-called Revenue crack down, as Revenue continue to battle against evasion and fraud in all its forms. Airbnb can be a safe and convenient source of additional income for many, but has been seen as somewhat of a grey area for taxation purposes.


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The Central Register of Beneficial Ownership

Registration of Beneficial Owners of Companies has now started, make sure your company is compliant.

August 22, 2018

 

As you may be aware, a newly-established Central Register of Beneficial Ownership (CRBO) is being established. This new legal requirement was brought in by the 4th Anti-Money Laundering Directive (4AMLD) which all EU Member States are required to implement into their national law.

The Companies Registration Office (CRO) has been appointed as the statutory body in Ireland responsible for the establishment and maintenance of the CRBO.

 


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The SURE way to get your tax money back!

Start-Up Refunds for Entrepreneurs (SURE); you can make it happen.

August 25, 2018

 


 

Start up Refunds for Entrepreneurs (SURE) is a tax relief incentive scheme.
If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital that you invest under SURE. Depending on the size of
your investment you may be entitled to a refund of income tax paid over the 6 years prior to year in which you invest.

 


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Family Wages - Tax deductibility in Paying Family members

Keeping it in the Family, Fair Pay that reaps Financial Rewards are Tax deductible.

May 31, 2018

 


 

 

In cases where spouses, children or other family members assist in the running of a family
business and receive payment for their work, such individuals are treated and taxed as any other employee,  however the tax deductibility of wages paid to them may be open to scrutiny by Revenue.

The sole purpose for incurring the expense must have been for the purposes of the trade. Where a non-trade purpose is identified, then the Revenue will disallow such expenditure in the business accounts.

 


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Filing Returns with Companies Registration Office

How Directors are confused by the Company Annual Return Date... Don't be Late through the filing Gate.

May 20, 2018

 


 

 

 As a company director you are aware that all companies – active or dormant – are required to file an Annual Return (Form B1) with the Companies Registration Office (CRO) each year. All companies have a unique Annual Return Date known as its ARD. This date can be a maximum of 9 months after the company year end.

 


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Tax Build-up - Can't cope ... little hope

How to buy time when you are struggling to pay a build-up of Taxes.

April 27, 2018

 


 

 

 

There are few things so frightening in business, or indeed in life, as a tax bill you can’t pay.

If you are stuggling with paying Revenue debt, the bad news is that unpaid tax bills are far more serious than other types; the Revenue do not require a Court Order to start recovery proceedings and can very easily force you into bankruptcy.


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