Tax and accountancy issues of today
There has been significant changes made to the Relevant Contracts Tax scheme. The new measures were announced on Budget day 7th December 2010. The Finance Act 2011 provides the legislative back up. What are these changes? Three rate withholding scheme: zero rate will be applicable to C2 holders on the same basis as before but … Read more CHANGES TO THE RELEVANT CONTRACTS TAX SYSTEM IN 2011
The budget for 2011 was held on 7th December 2010 and announced huge changes for investors with regard to section 23 property reliefs and accelerated capital allowances. The Finance Act 2011 has since been published and has announced that the changes proposed had been put on hold for a year to assess their impact. These … Read more ABOLITION OF SECTION 23 PROPERTY RELIEFS
Not many employees realise that they can claim flat rate expenses as a tax relief. Flat rate expenses relate to expenses incurred in the performance of the duties of employment. The Revenue has agreed a set amount for each eligible employment. The Revenue have issued a list of eligible employments and the flat rate that … Read more EMPLOYEE FLAT RATE EXPENSES
The Universal Social Charge (USC) was introduced in the budget on 7th December 2010. It replaces the income levy and the health levy which have now been abolished.It is a tax payable on gross (non exempt) income from 1st January 2011. Any (non exempt) income earned before this date but not paid until after 1st January … Read more UNIVERSAL SOCIAL CHARGE
The main points: Universal Social Charge(for more information see our blog) There are no exemptions from this charge apart from DIRT income and social welfare payments. Health Levy and Income Levy to be replaced by a new Universal Social Charge. The thresholds for 2011 are – 0% < €4,004 2% €4,004 to €10,036 4% €10,037 to … Read more BUDGET 2011