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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…

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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…

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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,…

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Prevent the problems occurring right from the start and avoid the costs associated with having to fix them when Revenue come knocking on your door! There’s been a few articles written lately about how to handle the problems a revenue audit can present which is all well and good however the thing that most articles miss is…

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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…

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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…

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Significant tax reliefs for landlords and longer leases for tenants are part of a radical new Government policy document (http://www.per.gov.ie/wp-content/uploads/Social-Housing-Supports-Cross-Cutting-Paper-CRE.pdf) to give the rental market its biggest overhaul in a generation. • An estimated one-in-five households (305,000) are now renting. • An end to the practice of ejecting tenants when a property is being sold.…

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Selling on the internet, may not be as straight forward as you might think…..The Irish revenue are reviewing what the Revenue and Customs have done in the United Kingdom recently.

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Top tax tips for starting in a business The decision to set up a business is an exiting and a somewhat daunting one! Tax will always be a key element of any business and it is essential to get your tax affairs in order from the get-go and to make sure your tax system ties…

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Article by Patrick Sutton, Partner, O’KellySutton, The Sunday Business Post, 2nd Sept, 2012. Taxpayer’s compliance record: A compliant taxpayer is significantly less likely to be selected for Revenue audit. Revenue can also assist in obtaining a phased payment plan in the future, should you ever find yourself unable to pay your tax liabilities on time.…

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