Despite an explosion in gambling over the past couple of decades, the state is taking in less money now from betting taxes than it was in 1990, The Sunday Business Post reports, in an extensive article on the heated battle between the bookies and the racing industry, which claims the bookies should be putting more back into horse racing.
Thursday is D-Day for anyone with a private pension because the overall value of pension funds will be announced, which in turn will determine the amount of money the government will expect to raise from its 0.6% levy.
The tax breaks for the Eircom employee share ownership trust (Esot) will be extended beyond their present end date of 2014, according to a report in The Sunday Times.
It’s a historical truism that disgruntled middle classes rather than militant working classes are the primary drivers of revolution. If that’s the case, the Sunday Independent looks to be issuing a rallying call to the barricades.
Who needs to raise income tax when you have a plethora of levies to choose from? Owners of second properties – or who even only have one property but who perhaps can’t keep up the mortgage repayments and are renting it out to someone else – have just over a week left to stump up €200 for the privilege.
Joan Burton, the minister for social protection, warned minister for finance Michael Noonan the pension levy introduced to fund the government’s Jobs Initiative could “incentivise or force” some pension schemes to wind up in deficit, The Sunday Business Post reports.
The Revenue has established a dedicated network of advisers to deal with queries about new tax rules for people in civil partnerships and co-habiting relationships, according to The Sunday Business Post.
The R&D tax credit has been around since 2004 but judging by poor take-up rates Irish firms remain remarkably unaware of its existence and potential, according to a report in The Sunday Business Post.
New funding standards proposals for defined benefit pension schemes may force trustees to “dramatically cut benefits” or even wind them up altogether, The Sunday Business Post reports.
The current Revenue sheriff for Co Mayo avoided paying more than €100,000 worth of stamp duty on ten properties by changing the dates on the deeds of sale, according to a report in The Sunday Business Post.
The Revenue is stepping up its crackdown on undeclared income by targeting accountants, lawyers and other professionals, The Sunday Business Post reports.
Many IT, Engineering and other Professional Contractors who use composite company structures may be facing large PRSI liabilities as Revenue and DSFA challenge the PRSI status of such contractors.
Contractors who hold only15% of the shares in a composite company may not be entitled to Class S PRSI status; employers PRSI of 10.75% will fall due in those circumstances. Class S status is only applicable to those shareholder/employees who control their companies. A 15% shareholding with up to 6 other contractors who may not know each other does not suggest control.
Noone Casey has developed I-Finance an online realtime accounting solution for professional contractors to address this concern & to legitimately maximise the tax advantages of contracting.
Have a look at our short video here to get a better understanding of the issues involved. If you feel this affects you, contact Noone Casey for an independent assessment of your position.
I-Finance uses the Limited Company type structure thus avoiding the employers PRSI issue. The table below gives you an idea of how each of the common contracting structures compare.
| Company Structure Type | Limited Company | Umbrella Company | Composite Company |
|---|---|---|---|
| Ownership | You own 100% of your own company | You have no ownership | You own 15% of an externally controlled company |
| Directorship | You and your appointee are directors of your own company | You have no directorship | You and up to 6 others are directors of the company. You may not know the other directors. |
| Employment | You are the employee of your own company | You are an employee of the umbrella company | You are an employee of the composite company |
| Expenses | You are entitled to tax deductible expenses through your own company | You are not entitled to any expenses | You may be entitled to a lesser amount of expenses |
| Tax planning | You can use your own company to assist in appropriate tax planning opportunities | You cannot use the umbrella company to assist in your tax planning | You cannot use the composite company to assist in your tax planning |
| Tax appropriateness | We ensure you manage your affairs in full compliance of all taxation and PRSI legislation | You are treated as an employee and have taxes deducted appropriately | The Revenue Commissioners are examining the appropriateness of the PRSI structures of composite companies |
The Revenue Commissioners have announced that paper receipts for tax payments will no longer issue. ROS customers will receive a Statement of Account in their ROS inbox which will confirm receipt of the tax payment. Taxpayers, who are not ROS customers, will no longer receive a receipt of payment from Revenue from 1 July 2011.
If you have difficulties registering with the Revenue Online Service (ROS) contact Noone Casey for assistance in the process.