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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.