Income arising to an individual in respect of the letting, for residential purposes, of a room or rooms in his/her home, including income arising from the provision of meals or other services supplied in connection with the letting, is exempt from income tax, PRSI and USC where the income is below€12,000. Revenue has clarified however that, income from the provision of accommodation to occasional visitors for short periods does not qualify for the relief as, the visitors use the accommodation as guest accommodation rather than for residential purposes.
If you think you may have a tax liability in this regards, speak to us today.
Revenue has issued the following advice:
Private Property Owners
• Property owners whose principal private residence has been flooded and who are in receipt of assistance through the Department of Social Protection Humanitarian Relief Fund can apply to have their 2016 LPT payment deferred regardless of whether they qualify for deferral under the normal criteria. Property owners should contact the LPT Helpline on 1890 200 255 to make the relevant arrangements.
• Business owners who have suffered flood damage to their premises and who are in receipt of assistance from the Government Support for Small Business Fund, via the Red Cross, should contact the Collector-General’s office on 1890 20 30 70 to agree additional time to file returns and make payments or to agree suitable phased payment arrangements.
Welcome to the Noone Casey Budget 2016 summary.
Noone Casey is offering you a free financial review to assess the key financial issues you are facing as a result of Budget 2016.
Contact Anthony Casey to arrange a review of your post- Budget 2016 financial affairs.
Our Budget 2016 Newsletter is now available to download in PDF format (585kb).
Click below to watch our Budget 2016 Highlights video.
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.
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.
Can Twitter actually help my business or is it a total waste of my time? This is a question that is getting asked a lot these days. Twitter is essentially a micro-blogging platform that has a 140-character limit for its tweets. To answer this question, you must first look at the type of business you run and the value both you and your customers would potentially derive from using it.
We see Irish brands like AerLingus and Ryanair doing a killer job on Twitter right now but they are blessed with a huge customer base. The majority of people are getting in touch with small problems and complaints but due to the lightening-quick manner of both question and reply, they can be seen to deal with enquiries in an efficient manner. Basically, short of being able to text Michael O’Leary, this is your next best option!
You will be able to connect with your customers because they themselves are using Twitter. It has become a daily routine where people log onto it every single day, some log onto twitter the first thing they wake up even before brushing their teeth. If you have an unsatisfied customer you will hear them on Twitter. This will help your company to help them. Of course, this has a postive knock on effect to both your branding and marketing efforts.
Finally, the Twitter search function is an amazing way to see what people are saying about your products or services. You can use the reply function to engage with these people which is a form of constructive promotion.
Ultimately, this new-age level of support will build a brand loyalty and once you’ve engaged with and helped your customers (followers), they will be loyal to your brand.