Tag: tax refund

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.

GET YOUR INCOME TAX REFUND HERE!

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

The Revenue owes around 70% of PAYE workers hundreds of millions of euro and would like to pay up but very few individuals ever come forward to claim it, according to The Sunday Business Post.

R&D TAX CREDITS

Written by David on May 9, 2011. Posted in News Round up.

Companies are being warned they should be prepared for both technical and financial audits if they claim tax credits for R&D expenditure, according to The Sunday Business Post.

GIVE YOURSELF A TAX BREAK – TAX BREAKS FOR START UPS

Written by David on April 18, 2011. Posted in Featured.

Awareness of tax breaks and incentives available for start-up businesses can be the making or breaking of any new enterprise, writes accountant Anthony Casey of Noone Casey, sponsor of this news-round up, in The Sunday Business Post.

“It is good practice for start-ups to learn as much about the tax breaks and incentives they can avail of, as the tax charges they are liable to pay,” Casey advises.

TAX REFUNDS FOR FAILED DEVELOPERS

Written by David on April 11, 2011. Posted in News Round up.

The Revenue has refunded more than €1 billion to Ireland’s bailed-out banks and failed property developers over the past two years, according to The Sunday Times.

INCOME TAX

Written by David on December 5, 2010. Posted in News Round up.

Taxpayers are being advised to avail of the four-year window for claiming tax reliefs to make the likely cuts due in Tuesday’s Budget that bit easier to bear, The Sunday Business Post writes.

INCOME TAX DOWNTURN

Written by David on November 1, 2010. Posted in News Round up.

Accountants are reporting that fewer income tax returns are being filed this year, with many of them noticing a rise in the number of people finding it hard to pay the Revenue straight away, according to The Sunday Business Post.

TAX AVOIDANCE SCHEMES

Written by David on September 20, 2010. Posted in News Round up.

The Irish Taxation Institute is demanding the Revenue come clean on the tax avoidance schemes it plans to target after the upcoming December Budget, according to The Sunday Business Post.

Tax Refund on Redundancy Payments

Written by David on February 3, 2010. Posted in Redundancy Briefs.

Were you made redundant at any stage over the past 4 years. Almost 90% of employees made redundant are not aware they may have overpaid tax on their redundancy package.

For example,

Mary was made redundant in September 2009, and received a gross lump sum of €50,000.

After deduction of tax, Mary actually received €38,516 in her wage packet. However after contacting Taxation.ie, Mary got an additional tax rebate of €4,855.

John, on the other hand was also made redundant in September 2009, and he received a gross lump sum of €30,000.

After deduction of tax, John received €21,861. However after contacting taxation.ie, John received an additional tax rebate of €2,41

Were you taxed on any portion of your redundancypackage?

If so, contact info@taxation.ie to see how you can reclaim your overpaid tax.