This section brings together a variety of tax-related insights, news, and updates that don’t fall under a specific category — from Revenue announcements to system tips and general tax guidance to help you stay informed.
Benefit-In-Kind (BIK) is a tax on non-cash benefits provided by employers, such as company cars, medical insurance, or gym memberships. Even though you’re not receiving extra [...]
Stamp Duty is a very significant transaction based tax and is payable by the purchaser on the cost of an investment property. Residential Property For new [...]
Obtaining finance in the current economic climate is difficult. The purchase of a property is a long term investment. The initial money put into the investment [...]
In addition to your personal tax credits there are various tax credits, allowances and reliefs available to be claimed and we list each of these below: [...]
Although the property investment market is not very active at the moment there are parents now looking for a bargain and buying property for their children. [...]
The rules can be more generous here as regards the amounts paid into a scheme which will qualify for tax relief. A cap is placed on [...]
What happens if I get a Revenue Tax Audit? Our tax system is policed by means of penalties and interest charges where tax returns and payments [...]
If you have been trading as a Sole Trader and any of the following happens then your income tax position needs to be examined: Cease or [...]
Total Tax Exemption
There is complete exemption from income tax for individuals aged 65 or over with a low income. See chart below which shows the income limits for tax years 2009 to 2013. From 2011 onwards the income threshold has been reduced to €36,000
This can be claimed where an individual or their spouse is blind during the year of assessment. The additional tax credit for a single person is [...]
The first question to be considered is whether you carry on business in your own name, i.e. Sole Trader or through the medium of a Limited [...]
What are the Benefits and Considerations for Trading Through a Company In Ireland The principal benefit is limited liability for the debts of the business. Another [...]
What entity should own the property? The first matter for consideration is who or what entity should acquire the property. This will be influenced by the [...]
General The tax due on benefits in kind are taken at source by your employer and are also taken into account for PRSI and USC Levy purposes [...]
The use of trusts may be beneficial in deferring tax liabilities. Assets may rest in a trust with no individual having a beneficial interest therein. However [...]
There is a special relief where the benefit obtained consists of certain business assets e.g. shares in a family trading company or taking over a business [...]
Everybody is entitled to a certain amount free of any capital acquisitions tax. This is known as your tax-free threshold. The amount of tax-free threshold depends [...]
Total Tax Exemption
A tax exemption applies for income earned from child minding services. The income earned cannot exceed €15,000 per annum. This is specifically aimed at people who mind children in their own homes. This is a very good tax relief and means a stay at home spouse could earn up to €15,000 per annum tax free and the working spouse could still claim the Home Carer Tax Credit
Tax relief is available for individuals and companies in relation to donations to a charity or other approved body in any tax year. To qualify for [...]
TAX SAVING TIP Deeds of Covenant are a very good way of providing financial assistance to elderly parents in a tax efficient manner. Depending on the income [...]
Seafarers who are absent from the State on a seagoing ship for at least 161 days per year are entitled to an additional tax free allowance [...]
This tax credit is available if a person maintains at their own expense a relative of his, or his wife if married, who is incapacitated by [...]
This allowance is treated as a deduction from your income and is claimable where you employ a person to take care of a family member who is [...]
The amount of this tax credit is €3,500 for the tax year 2024 and €3,800 for 2025. The credit is available for each qualifying child. The [...]
Rent Tax Credit 2022 – 2025 If you are renting a private residence as your primary home, you may be entitled to claim the rent tax [...]
This additional tax credit is available to single parents who have dependant children. The extra tax credit is equal to the single persons tax credit so [...]
If you are widowed during the tax year, your tax status changes. The extent of this change depends on whether you were the person responsible for [...]
When a marriage / civil partnership breaks down and couples decide to separate, the tax implications can be significant and need to be carefully considered. The [...]
When you get married during a tax year or enter into a civil partnership you may be entitled to a tax refund. This will depend on [...]
This credit is available for all married couples/ civil partnerships (referred to in future collectively as qualifying couples) living together that are not continuing to pay [...]
Exchange Traded Funds (ETFs) & Other Fund Investment Products – Offshore Fund Tax Regime Our online system caters for the tax reporting required for ETF, UCITS [...]
Every individual is entitled to an annual exemption of €1,270. Only gains made in excess of this amount are liable to tax. The exemption if not [...]
Part Sale of a Property This applies where you are disposing of part of an asset. This could be for example selling some of the land [...]
Most Irish resident individuals will be liable for Irish tax on disposals of assets abroad. If tax is also payable in the country where the property [...]
This tax treatment applies to people coming to reside here or emigrating during the tax year. Dealing first with individuals coming to reside here they will [...]
The following is a very brief summary on the implications for this type of ownership structure where parents are acquiring property for their children. Trusts Are [...]
We will look at the example of Mary and John who are in their late 30s and have one child aged 15. Following an inheritance from [...]
Company Pension Schemes Company pension schemes are provided by most employers for the benefit of their employees. Where employees contribute to such schemes tax relief will [...]
Arrangements for making pension contributions have never been easier following the introduction of PRSA’s, Self Administered Schemes etc. This is also one of the few remaining [...]
Many Irish investors have acquired property in the U.K. For Income Tax purposes returns have to be made to both the U.K. and Irish Revenue. If [...]
Foreign Bank Accounts If you have opened a foreign bank account during the tax return year you must provide the following information to the Revenue: Name [...]
A partnership is a separate legal entity from a sole trader. It requires two or more individuals to carry on business together. You could have a [...]
If you are not already in the tax system you will need to register with the Revenue for income tax purposes and perhaps also for Value [...]
General There are special tax reliefs available where individuals receive lump sum payments from their employer when they are either being made redundant or retiring. There [...]
An employee obtains a Tax Credit Certificate from their Tax Office and the PAYE calculations are based on this certificate. This certificate contains details of your [...]
If you are due a refund for any or all of the last four tax years you will have to complete a tax return for the [...]
Every year millions of euros remain unclaimed from the Revenue by PAYE Taxpayers. Why? Because people are not aware of their entitlements and the Revenue do [...]
There is no charge for PRSI from age 66 onwards. This test is applied separately for husband and wife unlike the benefit of the age tax [...]
You get an extra tax credit for each tax year from age 65 onwards. For a single person this is worth €245 and for a married [...]
This is a benefit that also causes a lot of confusion. If you are aged 65 or over or your spouse or civil partner is aged [...]
This is a follow on from our previous article on the age exemption limits. Where your income is slightly over the thresholds mentioned then your tax [...]
There are a number tax rewards for reaching age 65 and the following is a brief summary of them. No Income Tax Charge (Income Exemption) Reduced Tax Liability [...]
In this section, we provide information on the following: General Information on Acquiring Property for Children 3 Examples of buying a Property for Children The Use [...]
How to under Irish Residency Rules and Why It Matters If you are Irish born and bred and living and working in Ireland you pay tax [...]
