Tag: Revenue Commissioners

Extension of Mandatory Online Filing

Written by David on August 29, 2012. Posted in Tax Briefs.

From 1 June 2012 the following categories of tax payers are obliged to file their returns electronically:
• All VAT registered tax payers • Self assessed individuals claiming certain income tax exemptions (Artists Exemption, Woodlands Exemption etc) • Self assessed individuals claiming certain income retirement reliefs (RAC payments, Relief for PRSA contributions etc) • Self assessed individuals claiming certain income tax reliefs (BES relief, EII relief, Seed Capital relief , Film relief etc)
Where a taxpayer is obliged to file and pay on ROS, the penalty for failing to do so is €1,520 each time a taxpayer fails either to pay or file on-line. Where there is a genuine difficulty with filing and paying on-line, taxpayers may on application to Revenue be excluded from electronic filing.
TAX TIP: If you think you may be in a tax refund in respect of 2011, why not send in your return early and obtain your refund now!!!

Repayment of Taxes

Written by David on August 28, 2012. Posted in Tax Briefs.

Finance Act 2012 included an update on the rules surrounding the repayment of taxes outside a four year period. Previously claims for repayments of taxes outside a four year period, while not refundable by Revenue, would be available for offset against other tax liabilities. However Finance Act 2012 states that where a claim is lodged outside of the relevant time limit, offset against any other tax liabilities of the person is now prohibited. The only exception to this rule is in the event that Revenue applies to assess or recover tax in a period that is four years or more after the end of the year or period involved. In such a case, tax which cannot be repaid because of the application of the four year time limit but which relates to the same accounting period that is being assessed by Revenue retrospectively, will be available for offset against that liability. Taxpayers should ensure that any repayments of taxes due are claimed and received from Revenue within the relevant time limit.

BUDGET 2012: ARTISTS’ EXEMPTION/SECTION 481

Written by David on December 5, 2011. Posted in News Round up.

Residency rules and qualifying criteria for artists’ tax exemption and Section 481 film projects will be tightened but the current reliefs are likely to remain unchanged after Budget 2012, according to The Sunday Business Post.

BUDGET 2012: THE DIE WILL BE CAST

Written by David on December 5, 2011. Posted in News Round up.

As Cliff Taylor, Editor of The Sunday Business Post, notes: who needs to raise income tax when you can introduce levy after levy with the same effect? Of course, this is an old refrain readers of the Noone Casey round-up will be very familiar with. Taylor argues the Government has no choice, given the hairshirt demanded by the bailout.

CAPITAL GAINS TAX ON CPO’S

Written by David on November 28, 2011. Posted in News Round up.

Landowners who reaped bonanza payments from compulsory purchase orders (CPO) in the Celtic Tiger years can expect a call from the Revenue, The Sunday Business Post reports.

SUPER RICH & DOMICILE LEVY

Written by David on November 21, 2011. Posted in News Round up.

JP McManus, the Switzerland-based businessman, has told The Sunday Independent his decision to live abroad had nothing to do with tax avoidance.

“I didn’t leave this country for tax purposes; I left because I wanted to set up a business abroad. I paid my taxes before I left the country in full. I didn’t leave to avoid paying tax or any future tax or anything like that,” he said.

ALL GOVERNMENT MINISTERS ARE EQUAL…

Written by David on November 14, 2011. Posted in News Round up.

“All animals are equal – but some are more equal than others”.

George Orwell’s famous truism springs readily to mind when reading the main news story in The Sunday Times, which reports the Taoiseach and some government ministers are still claiming the so-called ‘dual-abode allowance’ tax break reserved solely for senior politicians.

INCOME TAX PAY & FILE DEADLINE

Written by David on October 24, 2011. Posted in News Round up.

No more excuses. No more procrastination. Come in Mr Taxpayer your time is up.

That’s the key message from both The Sunday Business Post and The Sunday Times, both of which devote copious space to the upcoming October 31 and November 15 tax deadlines.

TAX OFFICIALS GO ROGUE

Written by David on October 3, 2011. Posted in News Round up.

Two dozen tax officials have been disciplined for abuse of access to internal records since 2009, according to the Sunday Times. Three officials resigned and two were dismissed after being caught using the system for personal gains.

REVENUE AUDITS FOR ‘PROFESSIONALS’

Written by David on June 13, 2011. Posted in News Round up.

The Revenue is stepping up its crackdown on undeclared income by targeting accountants, lawyers and other professionals, The Sunday Business Post reports.

THE SHADOW ECONOMY

Written by David on May 16, 2011. Posted in News Round up.

The Revenue is targeting teachers who give grinds as part of an investigation into the so-called ‘shadow economy’, according to The Sunday Business Post.

Principals in some Dublin schools received letters from the Revenue last week asking them to remind teachers any additional income from delivering grinds was subject to tax.

REVENUE COMMISSIONER’S APP

Written by David on April 26, 2011. Posted in News Round up.

Almost 1,000 taxpayers a month are downloading the Revenue’s mobile phone app designed to make it easier to claim tax relief on medical expenses, according to The Sunday Business Post.

YOUR TAX DATA

Written by David on April 26, 2011. Posted in News Round up.

Unlocked server room doors and inadequate security for sensitive information are just two of the lapses uncovered in the Revenue’s first internal audit of the protection of customers’ personal data, according to The Sunday Times.