Non Principal Private Residence Tax (NPP)   NPPR falls due on 31st March 2012. There will be a 3 month payment window with a late payment fee of € 20 per month or part month comming into effect from 1st July 2012.   Capital Gains Tax   Increase of rate to 30% which will apply to all disposals on or after 7th December 2011.   Exemption of Turf – Cutting Compensation   The annual compensation of € 1,000 for 15 years is...

Sportspersons Cricketers are now included as sportspersons for tax relief on retirement. Universal Social Charge The exemption limit for the Universal Social Charge is now € 10,036. After this exemption threshold is reached the total income is liable at the progressive rates of 2% /4% and 7%. Civil Partners taxation The Finance Bill 2012 provides for the recognition of maintenance agreements on the break up of a civil partnership. Third...

Household charge The Household Charge of € 100 introduced in the last budget must be paid by 31st March each year to avoid penalties. The tax may be paid as a single payment or in 4 installments of €25. If you wish to pay by installment, direct debit or credit card arrangements must be set up by the 1st March. The first installment of € 25 must be paid be 13th March. Payments can be made on-line at www.householdcharge.ie or you can...

Tax Tips – October 2011 Capital Acquisition Tax   Payment date for capital acquisition tax on gifts and inheritances from 1st September 2010 to 31st August 2011. Company  has been moved from 31st October 2011 to 30th September 2011.    Employed vs self employed The revenue are examining  employment classification ie. employed vs. self employed. This is high on the agenda as an area for audit review.   Treatment of...

Gifts to the state – non taxable • Fine arts objects over € 31,740 • Heritage land & buildings up to € 6 million • Value of gift can be used to pay tax Loans of certain assets to Art Galleries • Most be lent for 10 years • Value most be more than €31,740 • After 10 year asset can be sold free of capital gains tax Capital gains tax exemption • Wasting assets not subject to Capital allowances are free of capital...

Property Tax – 2010 Regulations Date of ownership of property – 31 March 2010 Payable date – 31 May 2010 Fee – €200 Late penalty Fine -payment after 30 June 2010 Amount of fine – € 20 per month Services Charges The bin tax credit worth up to €80 per annum is been abolished Standard Rate Tax Bands Single 36,400 Married 72,800 Married – one income 45,400 Single Parents 40,400 Income Tax...

Electronic Filing From Ist Jan, mandatory eFiling will be required for all companies that need an audit. Mandatory eFiling provides that all taxes for which the Revenue on Line (ROS) operates must be filed on line. Tax Status of “Locums” In determining self-employment, a Revenue test is whether the person performing the work does so ‘as a person in business on their own account’. Capital Acquisition Thresholds – Year...