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TIS THE SEASON TO FILE TAXES

Fa la la la la la la la lateness carries penalties. Sorry, once the Christmas lights go up these things take on a life of their own. We are all aware of how urgent it is to ensure that our taxes are filed and the penalties which can apply in the event of late filing. As always we strongly advise staying on top of these matters and filing/paying early insofar as possible to avoid future issues. As we approach the end of the 2016 tax year, we would like to take a moment to advise you of some fast approaching deadlines which may slip under the radar in this festive season.

 

The due dates for payment of CGT (Capital Gains Tax) are:

 

15th December 2016 for disposal of assets in the period of 1st January 2016 to 20th November 2016.

31st January 2017 for disposals in December 2016.

It is pivotal that any chargeable gains arising during these time periods be paid up before the deadline to avoid further unnecessary complications.

 

Should a disposal fall under an unconditional contract, the disposal date will refer to the date of signing the contract, whilst if a disposal falls under a conditional contract, the disposal date will refer to the date on which the condition is satisfied.

 

Should you require any help, assistance or guidance on these or any other tax or business matters, please don’t hesitate to contact us.

 

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DCA PARTNERSDECLAN DOLAN & EAMONN GARVEY

NOT TODAY, MR TAX-MAN!

Tax credits are one of the most easily overlooked aspects of compiling your tax returns. Whilst they vary from person to person there are a number of additional tax credits you may be entitled to as a business owner without realising it. With the October 31st filing deadline rapidly approaching, your tax credits are not something you want to overlook, and knowing what you are entitled to could save you money. We have compiled a list of some of the tax credits you may not have considered but are entitled to.

 

Revenue Approved Permanent Health Benefit Scheme: If an employer deducts contributions from pay, no action is necessary to claim this relief. However, if an employer does not directly deduct contributions, this relief can be applied for in your annual tax return.

 

PAYE – Employee Tax Credit: Available to any employee whose pay is subject to the PAYE tax.

 

Health/Medical Expenses Relief: Available at a rate of 20% for certain medical expenses by completing the MED 1 form. If you have private health insurance, you will be unable to claim relief on any medical expenses which are due to be reimbursed.

 

PRSI: PRSI contributions can be directly queried through your local Department of Social Protection office.

 

Start Your Own Business Scheme: Available until 31st December 2016, this scheme provides tax relief for previously unemployed individuals who start a new business.

 

Start-up Refunds for Entrepreneurs (SURE) Scheme: Those interested in starting up their own company may be entitled to an income tax refund of up to 41% of the capital invested under this scheme. You may also be entitled to a refund of income tax paid over the 6 years prior to investment year.

 

Age Tax Credit: Available to anyone aged 65 or older during the tax year. This credit is doubled for married couples or civil partners if either is aged 65 during the tax year.

 

Single Person Tax Credit: Available to unmarried individuals living alone with the exception of married people who have chosen to be assessed as single people for tax purposed.

 

Married/Civil Partner Tax Credit: Available to an individual who is either married or in a civil partnership. One partner agrees to be the assessable spouse and is entitled to this tax credit as long as they are assessed through joint assessment.

 

Widowed/Surviving Civil Partner Tax Credit: This credit is dependent on when the spouse passed away and whether dependent children as involved. This tax credit will be higher during the bereavement year and is the equivalent of the above two credits.

 

As the deadline of October 31st approaches it would be advisable to submit your information in advance of this date if possible to ensure no unnecessary delays. Should you have any queries about your tax return filing, or if you are concerned that you may be entitled to claim some refunds that you may have overlooked, please don’t hesitate to contact us here at DCA Accountants.

TAX DEADLINE EXTENSION

Nothing strikes fear into the hearts of business-owners quite as harshly as a looming tax deadline. Here at DCA Accountants we aim to make your day brighter and simpler, so we are delighted to bring you the news of an extension on the ROS Pay & File Tax Deadline.

 

Now, before you all celebrate too much, it is a very slight extension. The previous deadline was October 31st 2015, and has now been shifted to November 12th 2015. Not quite as magnificent a time lapse as you might have hoped, but it might give some much needed wiggle room. This extension will only apply if you file your FORM 11 tax return and use Revenue’s Online Services (ROS) to complete the required income tax payment.

 

We would advise completing this ASAP, as opposed to waiting it out until the last minute to avoid unnecessary stress or mistakes in filing.

 

Whilst this is a welcome extension for most, it is noteworthy that the deadline is becoming consistently earlier each year making returns increasingly difficult. As such, it is vital to stay on top of your documentation throughout the year.

 

It is not yet known if this extension will apply to all tax returns, and until this is confirmed we would suggest assuming that it remains October 31st and aiming for this date in order to avoid any issues. If all taxes are paid under the PAYE system and you yourself had a Capital Gain in 2014, FORM CG1 CAPITAL GAINS TAX must be completed and returned by October 31st.This new extension will not apply.

 

Whilst this extension may be of relief to some, it is advised to carry on as normal and as though the deadline remains at October 31st as it is safer to act under this assumption, than take chances and risk penalties. As always, should you have any concerns or queries we at DCA Accountants are available to assist you in this matter.