Posts Tagged ‘taxation’

Contractors & Revenue Audits

Noone Casey are hosting a seminar for contractors on 19th September 2013 at 6.30pm in the Alexander Hotel, Fenian St, Dublin 2 on Contractors & Revenue Audits.

The Revenue Commissioners are targeting contractors for Revenue audit following the success of their initial Contractor project in the Munster region. The first round of Audit notification letters has been issued with subsequent rounds being issued in the coming months.

Contractor Seminar on Revenue Audits

The Revenue Commissioners continue to roll out their Contractor Project. This ‘project’ has expanded from a Munster initiative to an National review of COntractors accounts and tax returns. Revenue have successfully challenged the tax returns of many contractors since the project began and have recovered significant amounts of underpaid taxes.
Noone Casey have been to the forefront of negotiations & discussions with Revenue as to the scope & impact of their audits.
We are hosting a seminar in early September to bring the Contractor community up to speed on the latest Revenue audit issues.
Register your interest in attending the Seminar with Ruth at 6766 476
Further details of the seminar will issue over the next 2 weeks.

Understanding Local Property Tax

The deadline date for electronic filing of Local Property Tax returns is 28 May 2013.

In this video, Chartered Accountants Ireland Director of Taxation Brian Keegan explains how this is a self-assessment tax, where the obligation is on the individual to ensure information held by Revenue is correct. He also looks at the tax from the perspective of self-employed people and PAYE workers and talks about ways to file.

If you have any questions about your Local Property tax contact Anthony Casey with your queries

2012 Pay and File ROS Extended Deadline – 14 November 2013

Revenue has confirmed that the deadline for those who file their 2012 income tax return and pay their 2012 balance and 2013 preliminary tax through ROS is Thursday, 14 November 2013.

CAT filings for gifts or inheritances with valuation dates in the year ended 31 August 2013 can also avail of this extended deadline where both return and payment are made through ROS.

Debt write off & CAT

The Revenue Commissioners have released the following statement re Capital Acquisitions Tax and debt write off. Basically no CAT liability arises.

Section 5 of the Capital Acquisitions Tax Consolidation Act 2003 provides that a person is deemed to take a gift where, under or in consequence of any disposition, that person becomes beneficially entitled in possession, otherwise than on a death, to any benefit otherwise than for full consideration in money or money’s worth paid by such person.

By virtue of the definition of “disposition” in section 2 (1) CATCA 2003 the release, forfeiture, surrender or abandonment of any debt or benefit, or the failure to exercise a right may be subject to CAT in certain situations.

Where for bona fide commercial reasons, a financial institution enters into a debt restructuring, forgiveness or write-off arrangement with a customer, Revenue’s approach, subject to being satisfied as to the bona fides of the arrangement (which may be subject to Revenue audit or enquiry) is that the financial institution is not intent on making a gift of any sort to the mortgagor/debtor – and accordingly the mortgagor/debtor would not be subject to a CAT charge in respect of any such debt restructuring, forgiveness or write-off arrangement.

This approach will only apply in the above-mentioned circumstances. In particular, should any debt restructuring, forgiveness or write-off arrangement be undertaken for the purposes of the avoidance of tax, the treatment outlined above would not apply.

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