Articles
Accountancy & Finance Articles by Long & Company
VAT on Property
With effect from 1 July 2008 new rules were introduced in relation to VAT on property. Below is a brief summary of these rules.
Supply of property
Under the new rules, in order for the supply of a property to come within the charge to VAT the property must have been developed and must be supplied for [...]
PRSI and the Health Levy
A brief guide to PRSI and the Heath Levy
PRSI
PRSI stands for “pay related social insurance” and it is a charge towards the cost of social insurance benefits & pensions such as, unemployment benefit, maternity benefit, old age pension, etc. PRSI is payable by both employees and self employed individuals aged between 16 & 66 with [...]
Residence and Domicile Rules
RESIDENCE
An individual will be considered Irish tax resident for a tax year if he spends:
• 183 days in Ireland during that tax year, or
• 280 days in aggregate between that tax year and the previous tax year
Notwithstanding the above, an individual who spends 30 days or less in Ireland in a tax year will not be considered [...]
Personal Tax Credits and Reliefs
In the current economic climate it would seem obvious that everyone would claim all tax credits and reliefs available to them. However it is our experience that a large number of taxpayers are not doing this due to a lack of time or a lack of awareness. In this regard we have outlined [...]
READ MORE»Expenses for Self Employed and Employees
We have found over the years that an area which causes some confusion to taxpayers is the question of expenses and what can/cannot be claimed. In this regard we have set out below a summary of the criteria which must be considered when deciding whether an item is/is not deductible. This has been broken down [...]
READ MORE»Share Schemes – An Overview
There are a number of share schemes available to companies, each with its own set of rules, tax treatments and reporting requirements. Below is an overview of the main schemes and their key features.
APPROVED PROFIT SHARING SCHEMES (APSS’s)
An APSS must be set up under a trust deed and must receive Revenue approval. Once approval has [...]
High Earner Restrictions
When this restriction was introduced in the Finance Acts 2006 and 2007 it was seen as a means of ensuring that “high earners” paid some tax on their income irrespective of the amount of tax reliefs available to them. Briefly the reliefs restricted included, the various property reliefs, BES relief, film relief, exempt patent income, [...]
READ MORE»Pensions and Saving Tax
Pensions have been used for some time now as a means of saving tax. While most of us are familiar with the traditional relief for individuals and companies on pension payments made throughout a tax year there are several other ways in which pensions can be used to save tax including the following:
PENSIONS AND TERMINAL [...]
Coming to Ireland / leaving Ireland to work
Top 10 things to know about coming to Ireland / leaving Ireland to work
Some types of income remain subject to Irish income tax even though an individual is no longer Irish tax resident, if so an Irish income tax return will have to be filed in respect of that income.
Where an individual leaves Ireland on [...]
Finance Act 2010
The Government recently published the Finance Bill 2010. Some of the main measures contained within the Bill include Corporation Tax, Income Tax, Capital Gains Tax and VAT. Details of the changes are included in this summary report of the Finance Bill 2010.
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