Archive for June, 2012

The government does not plan to extend mortgage interest relief introduced in last year’s budget for new home buyers this year.The government provided 25 per cent mortgage interest relief for first-time buyers and 15 per cent relief for non-first time buyers for purchases in 2012.

Today’s edition of Iris Oifigiúil contains details of published settlements completed by Revenue. It also contains details of penalty determinations made by the courts in respect of taxpayers who have deliberately or carelessly made incorrect returns in the period 1 January 2012 to 31 March 2012.

The list is published in two parts:

Part 1 lists every person upon whom a fine or other penalty was imposed by a court. This includes the following categories:

• Failure to file a return
• Filing an incorrect return
• Illegal ...

Finding investors for your startup can be tough. Luckily, there are well-established routes for Irish startup firms to apply to organisations such as Enterprise Ireland or local Enterprise Boards.

Here’s a brief overview of nine popular avenues for state-supported startup funding in Ireland.

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1. Enterprise Ireland: High Potential Startup (HPSU) fund

Every year, Enterprise Ireland picks out companies that it thinks could be ‘the next big thing’ to come out of the country. The agency puts its money where its mouth is by ...

We outline the package that suits your business, to ensure you keep
all necessary records and file the required returns.

Record Keeping
• Manual Accounts
• Computerised accounts
(recommendations)
• What’s allowable!
• What expenses are tax
deductible
Dealing with your Accountant
• What you must provide
• What service you can expect
• A guide to fees

Upon filling in the TR1 form to register as a sole trader, who will have the choice to register for a number of taxes.www.revenue.ie/en/tax/vat/forms/formtr1.pdf
Income Tax – this is the tax payable on the profit generated from your business.
The rates of tax are silimiar to that applicable to a PAYE individual ie same tax bands apply.
However, with the tax credits you loose the ability to claim the PAYE tax credit as you are now self employed. Offsetting this ...

To register for VAT, you need to complete a Form TR1 (if you are an individual, partnership or unincorporated body) or a Form TR2 if you are a company. The form, when completed, should be forwarded to your local Revenue District.
Special care should be taken, when completing the form, to include your name, address, PPSN, business type and the relevant tax types. The form must also be signed and dated. Make sure to include a contact phone number with ...

Information
Maternity Benefit is a payment made to women on who are maternity leave from work and covered by social insurance (PRSI). You should apply for the payment 6 weeks before you intend to go on maternity leave (12 weeks if you are self-employed). The amount of money paid to you each week will depend on your earnings. If you are already on certain social welfare payments then you may get half-rate Maternity Benefit. If you think you have been ...

The purpose of this Tax Briefing is to outline the principal amendments to the Value Added Tax Consolidation Act 2010 arising from Finance Act 2012. Detailed Notes for Guidance on Finance Act 2012 are available on the Revenue website.
Where appropriate, existing leaflets and guidance notes will be amended to reflect these amendments.
Standard VAT Rate
From 1 January 2012 the standard rate of VAT was increased to 23%. For full details of the implications of this increase see Rate ...

About MABS
The Money Advice and Budgeting Service (MABS) is the only free, confidential, independent and non-judgmental service for people in debt, or in danger of getting into debt, in Ireland. Our Helpline (0761 07 2000) operates Monday to Friday from 9am to 8pm. You can also send an email to helpline@mabs.ie if you have any questions.
We are a national service with over 60 offices nationwide. For details of your nearest office, visit the Contact MABS area ...

Requirement to Register Tenancies with the Private Residential Tenancies Board
Section 11 Finance Act 2006 amended the computational rules in Section 97 TCA 1997 for determining the amount of rental income chargeable to tax. Entitlement to a deduction for interest paid on borrowed money employed in the purchase, improvement or repair of a rented residential property is now conditional on compliance with the registration requirements of the Residential Tenancies Act 2004 (the Act). The statutory basis for the registration of ...