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Blogs

Budget 2016

Taxation

Income tax

The Home Carer's Tax Credit that is given to married couples or civil partners where one spouse or civil partner works in the home caring for a dependent person is increasing from €810 to €1,000 for 2016. The home carer’s income threshold is increasing from €5,080 to €7,200.

A new Earned Income Credit of €550 is being introduced for taxpayers earning self-employed trading or professional income in certain cases and to business owner/managers who are ineligible for a PAYE credit on their salary income.

Fraud Prevention Techniques

Segregation of duties

In an ideal world, segregation of duties between different employees would ensure that the authorising of transactions, the making of payments, the accepting of delivery of the assets arising from the transactions and the recording of the transactions would be undertaken by different employees.

Taxation and the Use Of Companies by Professionals

Part 2: Use of Companies by Medics Introduction

In our last edition, we highlighted the issues that can arise generally when self-employed contractors incorporate their businesses into companies and use these vehicles to invoice the consultants(Directors) services to a third party client. We highlighted the fact that in the views of Irish Revenue there were occasions when the level of tax free expenses drawn down by the Director from the company was excessive and this may be a matter that accountants and tax advisors wish to review with their clients.

Taxation and Professional Contractors

Introduction

Until relatively recently, any professional person providing services of benefit to a large corporate, be it a Bank or multinational company, in Ireland would simply be hired as an employee and taxed through the PAYE system. Subject to occasional Revenue audits on the company, that would be the end of the matter and the employee, assuming he or she was not a Company Director and had no other income, was not even required in many cases to file an Income Tax Return.

Local Property Tax

THE LOCAL PROPERTY TAX (LPT)

As we mentioned last month the new Local Property Tax is effective for all residential properties in Ireland in 2013. We set out below a short summary of some of the main issues likely to arise in practice and indeed the consequences of not adhering to the strict deadlines set out by Revenue in relation to paying and filing the tax as it falls due.

GENERAL OVERVIEW

Accounting Principle

If everyone involved in the process of accounting followed their own system, or no system at all, there’s be no way to truly tell whether a company was profitable or not. Most companies follow what are called generally accepted accounting principles, or GAAP, and there are huge tomes in libraries and bookstores devoted to just this one topic. Unless a company states otherwise, anyone reading a financial statement can make the assumption that company has used GAAP.

For Further information, Call Owen Dunne (Senior Partner) on 01-802 5400
Email: owen@kdaaccountants.ie