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Agenda

Agenda. Do I have to file? When do I file? What are the penalties? How can I reduce my tax bill? Rental property issues Who are TaxAssist Accountants?. Do I have to file?. Yes if you are… Self employed Director and you own more than 15% shareholding in a company Have rental income.

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Agenda

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  1. Agenda • Do I have to file? • When do I file? • What are the penalties? • How can I reduce my tax bill? • Rental property issues • Who are TaxAssist Accountants?

  2. Do I have to file? Yes if you are… • Self employed • Director and you own more than 15% shareholding in a company • Have rental income

  3. Do I have to file cont.… Yes if you have… • Investment income • Shares or share options • Other non PAYE income

  4. Deadlines • 31st October 2012- Paper Filing • 15th November- Online Filing Filing on time is crucial!

  5. Compulsory online filing • New scheme introduced by Revenue- will have impact on anyone doing their own return • Applies to anyone claiming tax relief such as: • Pension contributions • Covenants • Maintenance payments

  6. What is due on October 31st? • Tax return- form 11 or form 12 • CGT return if applicable • Tax Liability- cheque, credit card, online bank transfer • Preliminary tax for 2013

  7. What is preliminary tax? • Advanced payment of your 2013 liability • Can be calculated using 3 methods. 2 most common • 100% of 2012 liability • 90% of 2013 • Not paying opens you to late payment interest

  8. Penalties for filing late • 5% surcharge of tax liability for the year • More than 2 months late increased to 10%. Example: 3 months late, tax liability for the year was €15,000 paid through the PAYE system. A surcharge of €1,500 would be payable.

  9. Tax Tips: Claim all your credits Tax credits people tend to forget • Health- 20% of expenses. Remember to claim for your family • Home carers credit • Nursing home costs

  10. Tax planning • Contribute to a pension scheme • Split income with your spouse • Claim trading losses against other income • Consider setting up a limited company

  11. Rental Property • Up to € 10,000 relief from room in your own house • Capital allowances on furnishings- don’t forget • Interest relief- 75% of interest only not capital • Must be registered with PRTB to claim interest relief

  12. Difficulty paying tax • File your return anyway • Contact Revenue Commissioners • Agree installment arrangement- Be realistic

  13. Who are TaxAssist Accountants?

  14. Who are TaxAssist Accountants? • We are Ireland’s leading accountancy network with 25 branches across Ireland • We specialise in helping Small Businesses and as a network are servicing over 3,000 clients • We offer clients Fixed Fees – no hidden costs, so you know what you are paying in advance • Our Fees include all correspondence and free business advice to clients

  15. We focus only on the SME sector • Friendly and approachable • Fixed fees agreed in advance • Prompt completion of accounts and returns • Tailored service • No jargon • Regular and flexible appointments

  16. Our core services: • Business accountancy • Tax returns and advice • Bookkeeping services • Payroll • Business plans and financial projections • Company formation

  17. Thanks for listening Questions?

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