• Doyle Keaney Tax Advisors providing innovative tax solutions

  • Doyle Keaney Tax Advisors providing innovative tax solutions

June 2014 Newsletter

Member of CCAB-I Taxation Committee South Mark recently became a member of the CCAB-I Taxation Committee South. The Consultative Committee of Accountancy Bodies – Ireland “CCAB-I” is the representative committee for the main accountancy bodies in Ireland. The Tax Committee South is a CCAB-I committee responsible for advising Chartered Accountants Ireland on taxation issues. The committee interacts primarily with the Revenue Commissioners and the Department …

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April 2014 Newsletter

Revenue 2013 Annual Report Revenue published their 2013 Annual Report last week. Some of the key points in the Report are: For 2013 €242 million in LPT was collected, and €76 million in respect of 2014. The compliance rate for 2013 is 94% while compliance for 2014 is at 90%. Revenue also collected €2.7 million in Household Charge arrears from …

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Changes to Ireland’s Capital Gains Tax Regime

Finance (No. 2) Act 2013 (“the Act”) introduced a number of important changes to Ireland’s capital gains tax (“CGT”) regime that practitioners should ensure they are aware of. This article examines the main CGT changes contained in the Act on a high-level basis. CGT Retirement Relief Retirement relief from CGT is available to individuals on the disposal of certain business …

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February 2014 Newsletter

ROS Direct Debit Payments & SEPA Arrangements As a result of the new SEPA arrangements, ROS direct debit payments to Revenue are taking up to 7 working days to clear. Therefore this means that while a ROS direct debit payment may have been made on or before the relevant due date and payment confirmation has been received from Revenue, the …

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November 2013 Newsletter

No change to Pay and File Deadline The Minister for Finance issued a statement on Wednesday afternoon that there will be no changes to the pay and file regime in 2014. This follows a consultation process on proposals by the government to bring forward the pay and file date from October/November to September or June. However, according to the Minister’s …

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Revenue Contractors Project

The Revenue Contractors Project is now well underway with a large number of audit notification letters issuing to taxpayers in all Revenue Districts. Under this project the focus is on companies set up by individuals as a vehicle to provide contracting services. Revenue define these as companies “where the main source of income is a contract or contracts for service …

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Revenue Review Procedures

A taxpayer may at some stage be dissatisfied with the handling of their tax affairs by Revenue; naturally most disquiet will arise during the course of a Revenue audit 1 but issues can also arise on foot of other more mundane interaction. Most issues can be resolved amicably and with little fuss, however, on occasion satisfactory resolution is not possible. …

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Tax consequences on the surrender of a commercial lease

As businesses work their way through the current economic malaise they are assessing their long term future and  addressing issues that are likely to present trading difficulties. One such difficulty can often be an onerous lease entered into at a time when rents were high and commercial space at a premium. The solution for a business in such circumstance can often be the surrender of the lease to the landlord; however, this can …

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Buyback by a Company of its Own Shares

Whether it be in the context of succession planning, a disgruntled shareholder or a marriage break-up the ability of a company to buyback its own shares is a useful mechanism for Irish businesses. Broadly, any repayment over and above the amount which the company received for a subscription of shares is treated as a distribution and subject to income tax at marginal rates. If certain …

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Holding Assets Tax Efficiently

The tax position of an investor can vary significantly depending on the particular way in which assets are held. The differential between the rates of income tax, corporation tax and CGT means that the choice of vehicle to hold the asset is important. There are also a number of reliefs from tax such as the participation exemption that may influence the vehicle chosen to …

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