Income tax - Ireland
We can deal with all your taxation requirements, including preparing and filing your income tax return and advising on reliefs and credits due. If you are in receipt of rental income and have been notified by Revenue to file a tax return, we can assist you with the calculation of your rental profit and with registering for self assessment if necessary.
You may be entitled to share options from your employer, these must be declared properly on your tax return and Revenue are looking into this area at present.
Also you must declare all sources of worldwide income if you are resident and domiciled in Ireland, including overseas rent from holiday homes.
There are many transactions that have a taxation implication and we recommend that you come and talk to us first to ensure that you can plan for any unexpected liabilities.
Late filing of a return results in an automatic 5% penalty, increasing to 10% after the return is two months late.
Income tax - UK
We are also a registered tax agent with HMRC and file a considerable number of UK income and corporation tax returns every year.
Capital Gains Tax
If you make a gain on sale of an investment property, or sell shares, you may have to submit a capital gains tax return. This is done as part of your income tax filing. However be aware that the payment dates are different - if you make a disposal in the first 11 months of the year, you must pay any tax by 15th December; if you make a disposal in December you must pay by 31st January.
We can advise you on reliefs available including retirement relief, business relief, indexation and offsetting a loss against a gain.
Capital Acquisitions Tax
Also known as gift and inheritance tax, this has been much in the news recently due to the lower thresholds. There are ways to reduce your liability - especially making full use of the €3,000 small gift exemption, as well as dwelling house relief.
Some clients may be interested in setting up a discretionary trust, we can advise you on this and can complete annual tax returns for income and capital.
We file many VAT returns for our clients every year. VAT is increasingly complex, especially with EU trading rules and interaction with RCT (Relevant Contracts Tax). There are severe penalties for making an incorrect tax return (€4,000 per "offence") which Revenue do impose, so it is most important to get it right. Revenue regularly review invoices when they are carrying out an audit to see if they are addressed to the VATable person and include all the correct components of an invoice including the supplier's VAT number - if something is wrong, then the VAT claim is likely to be disallowed and you will have to pay interest and penalties.
If an EU customer gives you their VAT number to exempt the sale from VAT, don't just take their word for it but look for proof. You can validate all EU VAT numbers at http://ec.europa.eu/taxation_customs/vies/
VAT MOSS - if you are selling software and other services to other EU countries, you must charge VAT at the local country rate. We can guide you through the registration process and file the return on your behalf.
VIES returns - if you are supplying VATable goods or services to other EU countries you must register for VIES, there is no minimum threshold.
We can calculate and file your stamp duty return for share transfers, conveyancing etc.
The corporation tax return (CT1) for your company is due 8 months and 23 days after your year end if filing online, so a company with a December year end must file its return by 23rd September of the following year. Filing late results in an automatic surcharge and restriction of use of losses forward. File on time!