2011 is nearly finished. Before the year is out, the following deadlines should be considered to ascertain whether they are applicable to your particular circumstances.
INCOME TAX
- Claiming refunds is time barred after four years. Any tax refunds due for year ended 31st December 2007 must be claimed by 31st December 2011. These could include:
-Medical Expenses
-Bin Charges
-Charitable Donations
-Tax Credits
CAPITAL GAINS TAX
If you have disposed of any chargeable assets in the period 1st January 2011 to 30th November 2011, the Capital gains tax thereon is due to be paid by 15th December 2011. For any disposals in December 2011, the capital gains tax is due by 31st January 2012. Some examples of chargeable assets include land,property and shares.
PENSION CONTRIBUTIONS
An additional voluntary contribution can be made by 31st December 2011 and tax relief at source can be claimed which will save tax at the taxpayers top rate of tax. The tax relief is capped at €115,000 multiplied by the relevant age based percentage of earnings. Ordinary contributions made during the year for which relief has already been claimed must be deducted from this. The additional voluntary contribution is restricted to the balance.
SMALL BENEFITS EXEMPTION
An employer can provide an employee with a single tax free benefit in 2011 not exceeding €250. The benefit must be in the form of a voucher or hamper. It must not be cash. There will be no PAYE,PRSI or USC.