ROS – PAY & FILE EXTENSION DATE 2022

Revenue has announced it is extending the ROS return filing and payment date for certain self-assessed income taxpayers liable to capital acquisitions tax (“CAT”). The due date for the filing of the 2021 Form 11 and the payment of taxes is Wednesday, 16 November 2022....

SMALL COMPANY ADMINISTRATIVE RESCUE PROCESS – SCARP

The Companies (Rescue Process for Small and Micro Companies) Act 2021, which provides for the Small Company Administrative Rescue Process (SCARP) was commenced on Tuesday, 7 December 2021. The purpose of the SCARP is to provide an alternative to examinership and is...

REVENUE COVID TAX DEBT WAREHOUSING NOTICES ISSUED

Taxpayers availing of the Debt Warehousing Scheme should have received letters from Revenue during the week beginning 28 March. Where a business has filed all due returns, the notice sets out a breakdown of the debt that has been warehoused including the tax type, the...

TIME MANAGEMENT TIPS FOR YOUR BUSINESS

We’ve all experienced the problems of time management at work. You start the day hopeful and optimistic, then ………… you leave the house later than planned, traffic is heavy and by the time you get to work your already frustrated with the world. Sitting down to finally...

DEBT WAREHOUSING SCHEME – REVENUE TO WRITE TO TAXPAYERS

Over the coming weeks, Revenue will write to taxpayers currently in the Debt Warehousing Scheme. Revenue confirmed that the letters will quantify the tax liabilities which have been warehoused and set out whether the business is in the COVID-19 restricted trading...

TOP TIPS ON RECRUITING STAFF FOR YOUR BUSINESS

Hiring staff in the current climate is a challenge. The days of posting a job ad and getting multiple applications from suitably qualified candidates are over. Given this, we have compiled a list of actions that we use to help us hire our staff that we’d like to share...

SAVE CASH FOR CAPITAL ACQUISITIONS TAX (CAT) USING A S72/S73 POLICY

As we previously noted, Capital Acquisitions Tax (CAT) is a “painful” tax payable at 33% of any gift or inheritance you may receive from parents or others. CAT allows a threshold of €335k to be deducted from the value of a gift or inheritance between a parent a child,...

THE END OF THE AMRF

What is an AMRF? An AMRF is an Approved Minimum Retirement Fund. Changes in the Finance Bill 2021 will abolish AMRF’s which were supposed to guard against the risk of running out of money in later life for retirees. Prior to the Finance Bill 2021, retirees had to lock...

PASS IT ON TAX FREE

How can you give cash away tax free? You might think, no problem, there is nothing stopping me. And there isn’t. But the person receiving the gift has to pay 1/3 of the gift as Capital Acquisitions Tax (CAT). If you have often wondered how you can pass on some cash...

THE EXTRACTION PROBLEM

If you own a business run through a limited company, you know already one of the tax problems we deal with on a day-to-day basis. And that is how to extract cash from the company in as tax efficient away as possible. The normal ways are through salary and dividends …....
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