BEPS 15 Point Plan
Last week the OECD published an action list for the first 7 points of its 15 point plan on BEPS (base erosion and profit shifting). The purpose behind the BEPS project is for OECD Member States to agree a plan to ensure the business profits of companies are aligned to where the business activity takes […]
Pension Contributions
As the filing deadline for 2013 income tax returns draws close, it is a good time to consider whether you should make a pension contribution. In recent years, with the introduction of the pensions levy and the reduction in the standard fund threshold, many have been discouraged from making further pension contributions. However, it is […]
Recent Tax Announcements by the Government
With the recent change in the leadership of the Labour Party, the Government published a Statement of Government Priorities 2014 -2016. The tax measures referred to in that document are as follows: • Commitment to reduce the marginal rate of tax on low and middle- income earners commencing in Budget 2015 (due October 2014) and to […]
Tax Changes under a Sinn Féin Government
With the increased popularity of Sinn Féin it is timely to consider their tax proposals. These include a 48% income tax rate on income over €100,000, the introduction of a 1% wealth tax on assets over €1 million and increases in both capital gains and capital acquisitions taxes to 40%. They also propose the introduction […]
Irish Income Tax 2014
Irish Income Tax 2014, authored by Purcell McQuillan, is now available for purchase from www.bloomsburyprofessional.com
Home Renovation Incentive Scheme Online
The online system for the Home Renovation Incentive Scheme has been launched by Revenue and is available to access on www.revenue.ie. The system enables homeowners to make a claim for a tax credit of 13.5% of work carried out on their homes by a qualifying contractor.
Tax Tables 2014
The must have PMQ Tax Tables 2014 are now available. If you would like a copy contact us at pmq@pmqtax.com.
Public Consultation on Various Reliefs
The government have announced that they are conducting a public consultation on the Employment and Investment Scheme and the Seed Capital Scheme, the Special Assignee Relief Programme and the Foreign Earnings Deduction. It is understood that all schemes have had lower uptake than anticipated. One of the reasons for the consultation is to ensure they […]
Do You Have Residential Property in the UK?
The Chancellor has confirmed in his Budget Report his intention, subject to consultation, is to levy 28% CGT on non-residents who own UK residential property from 6 April 2015. The UK Budget also includes a provision amending the ATED (Annual Tax on Enveloped Dwellings) for properties held by corporate type vehicles. The new provision indicates […]
Local Property Tax
Revenue have indicated that home owners have until Monday 31 March to correct any errors and make any payments of Local Property Tax and household charges due. If payments are made prior to 31 March 2014, no interest or penalties will apply. Anyone who claimed an exemption or deferral that they were not entitled to, […]
Reduction in Income Tax in Budget 2015
At the recent Fine Gael Ard Fheis, the Minister for Finance indicated that he may consider targeted income tax reductions in Budget 2015. The Budget will take place in October 2014. It had previously been stated by Enda Kenny that if economic circumstances improved that tax reductions for middle-income families were a priority.
Practical VAT Issues for Small and Medium Enterprises
Practical VAT Issues for Small and Medium Enterprises Accounting for VAT on a Cash Receipts Basis The annual turnover threshold for the cash receipts basis of accounting for VAT to apply is to be increased from €1.25m to €2m from 1 May 2014. What is the cash receipts basis of accounting for VAT? Normally a […]
Ireland’s 12.5% Corporation Tax Rate
Assistant Professor Jim Stewart from Trinity College Dublin has produced a paper challenging the PwC/World Bank Report which calculates the Irish effective Corporation Tax rate is 12.3%. By using data from the US Bureau of Economic Analysis he says the effective rate for US companies in Ireland is 2.2%. The Taoiseach among others responded by saying […]
Irish Income Tax published by Bloomsbury
Staff in PMQ are busy spending their weekends on the 2014 edition of Irish Income Tax the leading textbook published by Bloomsbury. The book has been authored by Purcell McQuillan since 2013 and runs to over 2,000 pages. If any tax consultant has comments on the book; good or bad we would be delighted to […]
Budget Briefing 2014
Introduction The aim of Budget 2014, announced in the Dail this afternoon by the Minister for Finance, Michael Noonan (two months earlier than normal) is to reach a deficit target of 4.8% by the end of 2014. The overall budget of €2.5 billion includes €1.2 billion in revenue savings (inclusive of €500 million carried forward […]
