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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. - PowerPoint PPT Presentation
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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
Do I have to file cont.…
Yes if you have…
•Investment income
•Shares or share options
•Other non PAYE income
Deadlines
• 31st October 2012- Paper Filing
• 15th November- Online Filing
Filing on time is crucial!
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
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
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
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.
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
Tax planning
• Contribute to a pension scheme
• Split income with your spouse
• Claim trading losses against other income
• Consider setting up a limited company
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
Difficulty paying tax
• File your return anyway
• Contact Revenue Commissioners
• Agree installment arrangement- Be realistic
Who are TaxAssist Accountants?
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
• 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
Our core services:
• Business accountancy
• Tax returns and advice
• Bookkeeping services
• Payroll
• Business plans and financial projections
• Company formation
Thanks for listening
Questions?