Our services include completion of self-assessment tax returns.

Advising on related issues including payments, refunds and interest charges.

Advising on specialist tax reliefs including the business expansion scheme, artist’s exemption and various legitimate tax shelter schemes.

SELF-ASSESSMENT SYSTEM

This mainly refers to self-employed persons but includes those with a source of investment or rental income where tax cannot be recovered by restricting their tax credits under the PAYE system.

DIRECTORS TAX RETURNS

All proprietary directors ( i.e those that control more than 15% of share capital) are required to file returns under the self-assessment system even where their salary has been subject to PAYE.

RETURN DATES

Individuals must file a return not later than 31 October in the year following the tax year. Where returns are filed on-line and taxes are also paid on-line then an extension of time is granted of usually of about 2 weeks.

SURCHARGE

Returns submitted late incur an automatic 5% surcharge. If submitted after 31 December the surcharge is 10%.

PAYMENT OF TAX

This is the 31 OCTOBER each year. An extension is granted in certain circumstances where taxes are paid on-line.

INTEREST ON OVERDUE TAX

The rate of interest on overdue income tax is 0.219%per day from 1 July 2009.

UNPAID TAXES -SHERIFF’S DEMAND

If taxes remain unpaid Revenue may refer the taxes to the sheriff for collection. The sheriff has power to seize goods and may also collect the taxes in instalments. The taxpayer will also have to pay sheriff’s costs.

UNPAID TAXES -POWER OF ATTACHMENT AGAINST THIRD PARTY DEBTS

If taxes remain unpaid Revenue may eventually issued an attachment order against a third party debtor of the taxpayer including their bank.

Effectively the debtor must within 10 days pay the amount attached to Revenue.

We specialise in bringing all returns up- to-date, assisting the client in raising finance and also negotiating payment arrangements with revenue.

Sometimes records may have gone missing or have even been destroyed due to fire or flood damage. Often these can be reconstructured by contacting suppliers or clients. The bank is also a good source of information.

In some cases records cannot be reconstucted or at best can only partly be so. Often taxpayers are reluctant to approach Revenue in such circumstances. Indeed individuals often procrastinate and effectively fail to submit tax returns at all. In these circumstances taxpayers may end up being prosecuted by Revenue and receiving a substantial court fine. Also the taxpayer, if convicted , will now have a criminal conviction. Moreover the tax return will still have to be submitted certainly with surcharges and possible interest and penalties.

Our firm, no matter how difficult the problem, can make submissions to Revenue and minimize the taxpayers tax exposure in such circumstances. Every practical problem must have a practical solution. In nearly all circumstances effective communication with Revenue will achieve results. Professionally prepared submissions with appropriate back-up documentation and analysis will result in an effective and relatively speedy response from Revenue.

Our objective at all times is to a bring a tax arrears case to a speedy and effective conclusion, avoid court prosecutions and minimize tax and hassle for the taxpayer. Our experience in this area is second to none.

VAT RETURNS, VAT3 FORMS, VAT REFUNDS

As part of our range of compliance services to clients we can be engaged to prepare a range of vat returns including vat3’s and also annual returns.

We also provide advice on a range of vat problems including refunds in respect of purchase of commercial motor vehicles.

REGISTRATION A person supplying taxable goods or services must register for vat as soon as it becomes clear that they exceed or will likely exceed the relevant registration limit.

€37,500 for services

€75,000 for goods

Remember some goods or services are exempt vat….meaning there may be no registration requirement.

RATES There are two main rates 13.5% and 23%..

PROPERTY TRANSACTIONS

New rules were introduced on 1 July 2008.

The first supply of newly developed property is taxable for a period of five years from completion.

Lettings are generally exempt but where the letting is between unconnected parties there is an option to tax the rents.

There is a capital goods scheme which ensures that the amount of VAT deductible on acquisition or development will correspond with the use of the property over 20 years. (10 years for refurbishment).

We specialize in preparing yearly accounts for the self-employed usually for the purposes of completing income Tax Form 11.

Monthly management accounts can also be prepared.

In recent years revenue have conducted a number of investigations including investigations into off-shore bank accounts, bogus non-resident accounts and certain insurance & investment products.

Investigations in the near future will focus on non-declared Irish bank deposit interest particularly where deposited funds cannot be legitimately accounted for.

Also investigations are on-going and will intensify in the area of overseas property acquired with undeclared Irish income.

We specialise in representing people who have issues in these areas.

Also, routine business tax audits can be quite stressful for taxpayers and often for a range of reasons, innocent or otherwise, substantial previously unrecognised tax liabilities can be uncovered.

In all of these instances and irrespective of the culpability of the taxpayer it is important that the taxpayer is professionally represented. Moreover the representation can be much more effective particularly in mitigating interest and penalties if our firm is engaged prior to commencement of the investigation or audit.

JUDGE GIVES DIRECTOR 21 DAYS FOR ANSWERS (APRIL 2011)

REVENUE SETTLEMENTS YIELD 120 MILLION (MAR 2010)

13 YEAR SETTLEMENT (SEPT 2010)

REVENUE INQUIRY (APRIL 2010)

JOINT OWNED HOMES (MAY2010)

Revenue have indicated that where there are genuine reasons for late payments and where a viable business can be shown to still exist , then they are prepared , under certain circumstances and subject to particular information being provided , to be sympathetic and realistic in their approach.

Moreover , they have indicated that they will allow an instalment arrangement to be entered into in such cases.

It is also possible in genuine hardship cases to have the collection of taxes due suspended or possibly written off either partially or in full.

Early and effective representation to revenue is crucial in these cases.

REVENUE JUDGEMENTS SOAR (SEPT 2010)

REVENUE WRITE OFF €222 MILLION

REVENUE WILL SHOW LATITUDE

CGT arises on the disposal of certain Irish and overseas assets, usually company shares and land and buildings.

The standard rate of cgt is 33%. . Exceptionally a 40% rate applies on disposals of certain foreign life assurance policies.

Cgt arises on the difference between the sale price and the cost of the asset. The first €1270 gain per year is exempt and the balance is taxable at 30%. If the asset was acquired prior to 2003 an allowance for inflation is granted which effectively increases the cost of the asset for tax purposes.

ASSET VALUATION

Where assets are acquired or disposed of for no actual consideration ……generally as gifts or inheritances……. then often these assets will have to be valued for tax purposes. This may often include shares in private companies. Valuation may have aspects that are contentious and taxpayers may find themselves in dispute with Revenue who may have a different opinion as to their value. Very substantial amounts of tax may be involved depending on what valuation is ultimately agreed upon. There is also an appeals mechanism for dissatisfied taxpayers.

We are experts in advising on valuations for both capital gains tax and capital acquisitions tax purposes.

RETIREMENT RELIEF

A gain on the disposal of a business or farm by an individual aged 55 or over for less than €750,000 is exempt cgt.. There is no limit where the disposal is to a child or niece/nephew that works in the business.

GENERAL

All companies resident in the State and all non-resident companies which carry on a trade through a branch or agency are liable to corporation tax.

CORPORATION TAX RATES

Generally the rate is 12.5%. on trading profits. Profits from manufacturing companies and certain IFSC companies are 10%.

CORPORATION TAX SELF-ASSESSMENT & RETURNS

This applies to all companies. The annual tax eturns called the CT1 form must be submitted on a date 9 months after the year end but no later than the 21st day of that month. e.g. Y/E 31 DEC 2009 return must be submitted on or before 21 OCTOBER 2010.

Since 1 JUNE 2011 it is now generally mandatory to submit the CT1 directly through ROS the revenue-on-line system.

CORPORATION TAX LATE RETURNS

A 5% surcharge is imposed where returns are submitted late but within 2 months of the specified return date. Thereafter a 10% surcharge applies.

Also offset of trading losses against other income is restricted.

COMPANY DIRECTORS

All proprietary directors( ie control more than 15% of ordinary share capital) must submit separate income tax returns under the self-assessment system. This is despite the fact that their company earnings will have been subject to PAYE. Where Income Tax returns are filed late they will incur the usual 5% surcharge. A 10% surcharge will be incurred where submitted after 31 December in the year following the tax year . It is also important to note that the surcharges are computed on the income tax liabilities before deduction of directors paye deducted at source.

CREDIT FOR DIRECTORS PAYE

A credit for paye tax deducted from proprietary directors earnings will not be given unless there is documentary evidence that the tax has been remitted to the Collector-General. Any tax remitted by the company will in the first instance be treated as deducted from other employees and tax allocated to an individual director will be treated as deducted from each director in the same proportion as emoluments paid to each director bears to the aggregate amount paid to all such directors subject to the proviso that the credit cannot exceed the PAYE actually deducted from a director’s emoluments.