Irish Taxation
Maximise Capital Allowances whilst avoiding the Pitfalls
Many property owners are currently refurbishing their properties and making significant investments in capital reconstruction, plant & machinery and repairs. The challenge for the property owners is to claim the maximum tax relief through either repairs or capital allowances without getting it wrong. We have advised many property owners on how best to maximise allowances…
Read MoreEmployment and Investment Incentive Scheme (EIIS)
The most recent increases to the EIIS scheme were a step in the right direction. This is a very important tax relief scheme for investors and one that many companies use to raise much needed seed capital. Over the last number of years O’KellySutton have advised and assisted several companies in their quest to raise…
Read MoreInvestment Properties – Tax and Accounting Top Tips
Accounting in Corporate Structures Since the introduction of the new financial reporting standard FRS102 in 2015 we have found the accounting treatment of Investment Properties are not being dealt with correctly in many instances. Here are some basic rules to follow when accounting for your investment property this year. You are required to use fair…
Read More2 of the best business tax reliefs for extracting cash
It is important that business owners have the right structure in place so that the appropriate relief from taxes can be claimed in the event of sale or transfer of your business assets. In particular, if you are over 45 years of age you should seek advice as tax planning cannot be done retrospectively. Two of the…
Read MoreBudget 2017 Highlights
Budget Overview Spending increases and tax cuts of €1.3bn. . ‘Help to buy’ scheme A new ‘help to buy’ scheme will see first time buyers entitled to a 5% grant on newly-built homes (signing contract date after 19/7/2016) up to the value of €20,000, includes self builds. A rebate will be available for income…
Read MoreTax minimisation on Retirement and Transferring Assets
Tax minimisation on Retirement and Transferring Assets There’s been a lot of talk recently in the media about increasing Capital Acquisition Tax (CAT) Thresholds and quite rightly so. Currently, there is the possibility of families paying tax twice or three times or more when transferring assets down through the generations’. Assets include property, cash, shares,…
Read MoreO’KellySutton Wins Best Small Practice in the Irish Accountancy Awards
The inaugural Irish Accountancy Awards took place on Thursday, April 21st 2016 at the DoubleTree by Hilton Hotel Dublin. Ireland’s accountancy industry was recognised and celebrated in front of an audience of over 350 industry professionals. 15 prestigious trophies were presented to the very best leaders, practices and teams within the industry. Pat Sutton said…
Read MoreTax Free Vouchers increased to €500 annually
Tax Free Vouchers Employers may now give a voucher worth up to €500 to an employee tax free since 22nd October 2015 following recent publication of the Finance Bill 2015. This is increased from the exiting €250 but like the previous one terms and conditions apply. A welcome break for employers and employees who may want to…
Read More80% of Commercial Property Owners are not tax compliant
The Capital Goods Scheme (CGS) requires that every property owner creates and maintains a ‘Capital Good Record’ (Section 64(12) and Regulation 27(1)(v)VAT Regulations 2010), for each developed property (capital good) they own. It is effectively a VAT passport for the property. Properties cannot be sold without it. Findings suggest that over 80% are not compliant, shockingly the…
Read MoreBudget 2016 – A message of confidence.
Budget 2016 sends a strong message of confidence to businesses and households alike with a little for everyone approach. O’KellySutton welcomes the positive measures for business, some of which are newly introduced, however there is more to be done over the next few years. There was a welcome introduction of the entrepreneurs relief of 20%…
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