Tax and accountancy issues of today
It may be possible to claim interest payable on your rental property as a rental expense. Interest on money borrowed to purchase, improve or repair let property is deductible as a rental expense in computing your rental income for tax purposes. It is restricted to 75% of the interest accruing. From 01.01.17 this increases … Read more RENTAL INCOME – CLAIMING INTEREST ON BORROWINGS AS A RENTAL EXPENSE
Section 192A of the Taxes Consolidation Act 1997 provides for an exemption from Income Tax in respect of certain awards made for infringement of an employee’s rights or entitlements or an employer’s obligations under employment legislation. Examples of infringement of an employee’s rights or entitlements include: Discrimination Harassment Victimisation The exemption applies to: Payments arising … Read more EXEMPTION FROM INCOME TAX FOR CERTAIN PAYMENTS MADE UNDER EMPLOYMENT LAW
Finance Act 2015 introduced a tapered PRSI Credit for those whose gross weekly earnings are between €352.01 and €424. The maximum weekly PRSI credit available is €12 and is reduced by one-sixth of earnings in excess of €352.01 up to €424. There are three separate calculations involved: 1.Calculate the PRSI Credit: Maximum PRSI Credit … Read more A NEW PRSI CREDIT IS AVAILABLE SINCE 1ST JANUARY 2016
The Finance Act 2015 introduced the Earned Income Tax Credit for the tax years 2016 onward. The earned income tax credit can be claimed by: A person who has earned income that does not qualify for the PAYE Tax Credit. Examples are the Self Employed and Proprietary Directors. They can claim a maximum income tax … Read more EARNED INCOME TAX CREDIT – WHO IS ELIGIBLE?
RELEVANT CONTRACTS TAX (RCT) From December 2015 there will be a new mandatory field in the contract notification process in the eRCT system. Each contract will require a Site Identifier Number (SIN). Upon the introduction of the new field, the system will automatically provide a SIN when the principal contractor enters the location of the … Read more eRCT SITE IDENTIFIER NUMBER