“Derek Madden & Company are the accountants for tow companies I direct and I highly recommend them. I have always found the advice he has given us to be prompt, of great quality and pragmatic. In short they offer an excellent service.”
Derek Madden & Company
Bowling Green
Mallow
Co. Cork.
New Civil Service mileage rates and bands came into operation on 1 April 2017. Some changes to subsistence rates also take effect from this date.
The Department of Public Expenditure and Reform have recently issued circulars outlining new Civil Service mileage rates and changes to subsistence rates. We understand that Revenue’s Manuals and website will be updated shortly to reflect these changes.
This is just a follow up and reminder to clients in relation to correspondence that Revenue sent to every taxpayer who filed a 2015 income tax return, explaining the benefit of regularising their non-Irish tax affairs pre 1 May 2017 (extended to 04th May 2017).
This will be particularly relevant where an individual holds any non-Irish property or assets (such as inherited properties outside Ireland, foreign pensions, foreign bank accounts and foreign trusts) which have not been included or accurately included in their tax return. From 1 May, there will be new restrictions on the ability to regularise non-Irish tax matters and this could also negatively affect their Irish tax position.
Failure to regularise non-Irish tax issues will result in penalties of up to 100% of any underpaid tax, potential criminal prosecution and publication of the taxpayer’s name on the Revenue list of defaulters.
Details of how to correct tax returns, and the benefits of making a ‘qualifying disclosure’ are set out in the Code. The full Code and Frequently Asked Questions (FAQs) are available on the Revenue website. We have attached a link to the FAQs for your convenience.
faq qualifying disclosure offshore matters
The office will close on the 22nd of December 2015 and reopen again on the 4th of January 2016. From everyone at Derek Madden & Company we would like to wish you and your families a peaceful and Happy Christmas and a prosperous New Year.
2015 Capital Gain Tax (CGT)
We wish to remind all persons who sold an asset between 1 January and 30 November 2015, or if they received capital payments from such assets, that they must pay* any Capital Gains Tax due by 15 December this year.
This applies to all taxpayers, including PAYE and self-employed. We have attached the 2015 payslip.
*Interest on late payment maybe applied by Revenue for late payment.
If you have any questions on CGT please contact the office.
Small Gift Benefit -Vouchers
The €250 small benefits relief is a yearly small benefits relief and applies to a one off benefit not exceeding €250 up to and including 21 October 2015. The upper limit has been increased from €250 to €500 from 22 October 2015. If an employer gives each employee one single voucher (€250 in the period 1 January to 21 October 2015 or €500 from 22 October to the 31 December 2015) in the year, the value of the voucher can be disregarded for PAYE/USC/PRSI purposes. If the employer gives two vouchers worth €250 each, the value of the first voucher may be disregarded but the value of the second voucher has to be included as notional pay for PAYE/USC/PRSI purposes. If the employer gives one voucher exceeding the limits as stated i.e. €250 up to and including 21 October and €500 after that date then the value of that voucher (the entire amount) must be taken as notional pay
What This Means for You:
Under the 2014 Act, the current form of private limited company will cease to exist and will be replaced by two different types of private limited company, being the private company limited by shares (“LTD”) and the Designated Activity Company (“DAC”). The LTD is the default or “model” type of private company limited by shares under the 2014 Act and is designed to simplify some of the burdensome features of the existing private company under the current legislation. The DAC, on the other hand, can be said to be quite similar in form to the existing private company and will retain most of these features. Once the 2014 Act is commenced in June of this year, there will be a “transition period” of 18 months, during which period all existing private companies will need to decide whether to re-register as an LTD or as a DAC. For more details on the key differences between the LTD and the DAC please keep an eye on our website for future updates or alternatively contact the office.
Best of luck to all the finalists in the 2015 Blacknight SME Awards. Looking forward to a great night in Cork on 25th April!
#loveSMEs