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Section 664 of the Taxes Consolidation Act 1997 provides for a relief to be applied where farmland is let under a qualifying lease, by a qualifying lessor to a qualifying lessee.

Farmland:

The farmland must be in the State, and land used wholly or mainly for the purposes of husbandry.

Qualifying Lease:

A qualifying lease must be in writing, or evidenced in writing.  If the lease is ...

The Home Carer Tax Credit was increased in Budget 2018 to €1200, up from €1100 in 2017 and €1000 in 2016.

The Home Carer Tax Credit may be available to married couples /  civil partners, where one spouse cares for one or more dependent persons.

A dependent person is:

• a child for whom Child Benefit is payable;
• a person aged 65 years or older; ...

To encourage residential property owners to offer vacant properties for rent, Budget 2018 introduces a new allowable deduction for pre-letting expenses.

If the residential property has been vacant for 12 months or more, the owner can claim up to €5000 in pre-letting expenses per property.  The expenditure must be revenue in nature – for example, repairs and maintenance.

If the property is withdrawn from ...

Budget 2018 introduces a 0% Benefit in Kind (BIK) rate from 1 January to 31 December 2018 on electric vehicles.  The current BIK rate on motor vehicles can be up to 30%.

Electricity used in the workplace for charging electric vehicles will also be exempt from BIK.

For a summary of the changes following Budget 2018 click here

The main changes in your pocket will be:

• Self employed tax credit – increased to €1,150 (up €200 from €900)

• Standard rate band – increased by €750 per annum.  A single worker will now have a standard rate cut off point of €34,550 & a married worker may have a standard rate cut ...

Revenue has updated Part 15 of the Tax and Duty Manuals to include changes introduced in Finance (No.2) Act 2013 to reflect the restriction of relief on qualifying medical and dental insurance premiums to €1,000 per adult and €500 per child for policies renewed or entered into on or after 16 October 2013.

It also notes that the Age-Related Tax Credit for medical insurance premiums ceased with effect from 31/12/2012. Community Rating or Risk Equalisation is now applied to premiums at ...

STATEMENT OF THE MINISTER FOR FINANCE

MR. MICHAEL NOONAN, T.D.

5th DECEMBER 2012

Introduction

A Cheann Comhairle,

Budget Day is a good day for taking stock of where we are, so let us take stock. In the second half of this year, the NTMA has raised over €7 billion in the markets. The Bank of Ireland, ESB, Bord Gais and AIB have all raised funds for the first time in years. This year the IDA has announced 84 projects set to create some 8,650 jobs. ...

The 3 year loss rule for the self-employed who are farmers.

If you are registered for self-assessment, have made a loss on your business for the last 3 years, but chose to offset this loss against PAYE tax paid, this article will be of interest.
If you file your own returns or the person filing the return for you does not fully understand ROS you could have an issue. The issue, I feel, is due to a flaw with the ROS ...

Many of my clients are delighted to see zero as their tax liability at the end of the year. The last thing most people want these days is another bill..

But its all very well having no tax to pay, but if you have no PRSI to pay, and you dont make a voluntary contribution, you are losing out on your opportunity to pay into the state pension.

For as little as ...