Tax and accountancy issues of today
The Revenue have issued e-brief 12/12 to clarify certain issues relating to capital allowances and the universal social charge. The capital allowances that are deductible are those incurred on the provision, for trading purposes, of Plant and Machinery,Vehicles used for business purposes, Certain types of buildings, such as factories or farm buildings. Any capital allowances … Read more UNIVERSAL SOCIAL CHARGE AND CAPITAL ALLOWANCES
The Revenue have issued an e-brief today with regard to the Form 11 There will be three different versions of the Income tax return forms for self assessed individuals for 2011: Form 11 – This is the most complete version of the individual’s tax return form. There will be no printed version of this form. … Read more INCOME TAX RETURN FORMS 2011
In Budget 2011, it was proposed that investors could only use the section 23 relief against the section 23 property itself and not as previously against their other income. Similarly the accelerated capital allowances could only be used against the property the capital allowances relate to. The investors who bought them did so for the … Read more BUDGET 2012 – PROPERTY RELIEF SURCHARGE
This article looks at how Budget 2012 affects farmers in Ireland. In his Budget Day speech, Mr Noonan said ‘Active ,energetic and profitable farming is fundamental to the agri-food sector.’ The main taxation changes that affects farmers and their families are: INCOME TAX Stock relief of 50% (100% for certain young trained farmers) for … Read more FARMERS AND BUDGET 2012
6th December 2011 Mr Michael Noonan announced details of tax adjustments. Corporation Tax Corporation tax to be kept at 12½% Income tax no change in rates, bands or credits Universal Social Charge Increase of lower exemption from €4,004 to €10,036 Move USC to a cumulative system Illness Benefit The tax exemption currently applicable to … Read more BUDGET 2012