http://www.longaccounts.ie Chartered Accountants & Registered Auditors Wed, 26 May 2010 16:32:23 +0000 http://backend.userland.com/rss092 en 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 ... http://www.longaccounts.ie/general/vat-on-property/ 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 ... http://www.longaccounts.ie/general/prsi-and-the-health-levy/ 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 ... http://www.longaccounts.ie/general/residence-and-domicile-rules/ 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 ... http://www.longaccounts.ie/taxation/personal-tax-credits-and-reliefs/ 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.  ... http://www.longaccounts.ie/accountancy/expenses-for-self-employed-and-employees/ 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 ... http://www.longaccounts.ie/accountancy/share-schemes-an-overview/ 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, ... http://www.longaccounts.ie/taxation/high-earner-restrictions/ 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 ... http://www.longaccounts.ie/taxation/pensions-and-saving-tax/ 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 ... http://www.longaccounts.ie/taxation/coming-to-ireland-leaving-ireland-to-work/ The Government recently published the Finance Bill 2010.  Outlined below are some of the main measures contained within the Bill. Corporation tax Transfer pricing The Finance Bill has introduced transfer pricing legislation which will apply to transactions between associated parties.  The new rules will only apply to large companies.  They will have effect ... http://www.longaccounts.ie/accountancy/finance-act-2010/