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Tax Briefs

RENT A ROOM RELIEF

From 1 January 2015, individuals can earn up to €12,000 per annum tax free by renting a room or rooms in his or her home. Once the tax free threshold of €12,000 is exceeded all of the income becomes taxable. Revenue recently clarified that the provision of accommodation to occasional visitors for short periods of time does not qualify for the relief as the visitor is using the accommodation as guest accommodation as opposed to residential accommodation. Revenue also noted that Rent a Room relief can apply in the case of letting to students.

CARE OF INCAPACITATED INDIVIDUALS

The maximum relief available to a person who employs a carer to take care of an incapacitated individual has been increased from € 50,000 to € 75,000 from 1 January 2015. Tax relief is provided by way of a deduction at the individual’s marginal rate of tax where the individual employs a person to take care of either:
Himself/herself or his or her spouse who is totally incapacitated by reason of physical or mental infirmity or a relative of the individual or of the individual’s spouse who is totally incapacitated by reason of physical or mental infirmity.

Tax Tip

If you think you may be entitled to a tax refund, why not send in your return early and obtain your refund now!!!
REVENUE FOCUS ON EMPLOYMENT PRACTICES – 2015

It has come to our attention that Revenue intend to focus on employment practices in 2015. This is relevant for all employers. Some of the areas of focus will include:

The maintenance of a Register of Employees

  • The tax treatment of expense payments, specifically tax-free reimbursement of expenses to employees and directors
  • The calculation and treatment of Benefits-in-Kind.
  • Should you wish to discuss any of these areas please contact us.

VAT IMPLICATIONS OF SELLING A PROPERTY

Recent improvements in the property market have been strongly welcomed. If you are expecting to dispose of a property it is important that you know the VAT implications of same in advance of agreeing a sales price.
A lack of awareness can have a negative effect on your cashflow. Please contact us for advice in this regard.

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