Archive for 2012

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 ...

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 ...

If you’ve been reading the newspapers lately you will have seen that the Revenue Commissioners are now focusing attention on undeclared deposit accounts.
The Revenue have made it compulsary for banks, building societies, credit unions etc to make automatic returns to them on deposits they hold for customers.Â
What the Revenue is really going after is monies held in accounts which have not been disclosed.
Anyone with at least €100,000 on deposit (for 2005, 2006 or 2007) will be targeted. ...

Josephine Feehily, Chairman of the Revenue Commissioners, today (26/04/12) announced the publication of Revenue’s annual report for 2011.
Speaking at the launch, Ms Feehily said:
“Overall I would say last year was a year of really solid performance in challenging circumstances. We can report positive results in virtually all our business areas, good productivity, and some very interesting and innovative projects as well.
While overall tax and duty receipts were €831 million below the Budget target, net tax and duty ...

Missed Deadline
Failure to file an annual return on time can have several consequences including the imposition of the late filing penalty, prosecution of the company and/or its directors, the loss of the audit exemption or the possible involuntary strike-off and dissolution of the company.
Late Filing Penalty
A late filing penalty of €100 becomes due in respect of an annual return on the day after the expiry of the filing deadline, which deadline is 28 days after the effective ...