UK State Pension Buyback
As you may be aware, the UK government are providing a once off opportunity for people who have previously worked in the UK to buy back up to 18 years’ service to increase their entitlement to the State pension. This opportunity is only available until 5 April 2025. After this date the maximum number of […]
Residential Zoned Land Tax – Landowners, are you ready? Action Required in 2025!
2025 will be the first year in which landowners falling within the scope of the new Residential Zoned Land Tax (“RZLT”) must register to pay RZLT and file an RZLT return. RZLT is an annual tax calculated at 3% of the market value of land to which it applies. RZLT applies to land that is […]
Budget Briefing 2025
Budget 2025 Minister Jack Chambers delivered his first Budget this afternoon, 1 October 2024. While it is his first Budget, it is the current Government’s last one as a general election must be held before March 2025. The strong corporation tax receipts again exceeding forecasts together with the Apple ruling from the ECJ gave the […]
Patron 2024 Clontarf GAA Club
Our colleague Jane O’Hanlon receiving certificate for Purcell McQuillan
Life Policies to Fund Gift or Inheritance Tax
A gift or inheritance can result in a significant tax liability and to make matters worse if the assets transferred are illiquid, there may be no funds to pay the tax. The tax liability on a gift or inheritance is payable by the beneficiary which in the case of a gift from a parent to […]
Revenue Penalties for not Reporting Employee Expenses
Since 1 January 2024 employers have been required to report to Revenue with details of certain tax-free expenses and benefits paid to employees. Specifically, any payments made directly to employees in respect of: • Travel and subsistence • Small benefit exemption • Remote working daily allowances are required to be reported to Revenue on or […]
Finance (No.2) Act 2023
We are pleased to outline our commentary on Finance (No. 2) Act 2023 (“the Act”) which was signed into law by the President on 18 December 2023.
Tax Tables 2024
The must have PMQ Tax Tables 2024 are now available. If you would like a physical copy contact us at pmq@pmqtax.com.
Retirement Relief
Transfers of Family Businesses to the Next Generation Background Retirement Relief could eliminate your capital gains tax liability when transferring your family business/ farm or shares in your family company (family business) to your children. Full relief is currently available on transfers subject to certain conditions if you are aged between 55 – 65. The […]
Thinking of Moving to Ireland?
An English speaking country neighbouring the UK, Ireland offers many advantages for individuals who wish to relocate from the UK and maintain access to the European Union. In Ireland, an individual’s residency and domicile determine their liability to income tax. Individuals who are Irish resident and domiciled will be liable to tax on their worldwide […]
Maximise Tax Reliefs on Transferring the Family Business before they Change
Retirement Relief can provide for an exemption from capital gains tax (CGT) on the transfer by a parent aged 55 and over of the family business to their children. For 2024, there can be a full exemption from CGT where the parent is aged between 55 to 65. Where the parent is aged 66 and […]
Tax Free Payments to Employees New Reporting Requirements
Despite employer resistance and lobbying by the professional bodies Revenue seem to be proceeding with the introduction of employer reporting of the payment of expenses and small benefits to employees with effect from 1 January 2024. The measure was introduced in Finance Act 2022 and was subject to a commencement order to give time for […]
Contractors in the Gig Economy – Supreme Court Ruling
The Supreme Court delivered its decision in the Domino’s Pizza delivery case and by a unanimous decision found that the delivery drivers were employees and PAYE should have been deducted on the payments made to the delivery drivers. Although the Supreme Court decision has not changed tax law and was based on the particular circumstances […]
Budget Briefing 2024
Budget 2024 – An Abundance of Tax Changes The penultimate pre-election budget contains a myriad of tax changes that impact businesses. Against a backdrop of corporation tax receipts which are forecast at €23.5 billion for the full year 2023 (€750 million below previous forecasts), two new funds have been put in place to secure the […]
Sinn Fein Budget 2024 Proposals
Before the Minister for Finance presents his Budget tomorrow, it is always interesting to look at the alternative budget as published by Sinn Fein. The one certainty is that taxes will increase for those who are considered wealthy and those with higher incomes. Their proposals include a 3% tax on income over €140,000 and a […]
