Blog


 

Des Lowry on Northern Sound Tonight 8pm

By Grainne Brady Tuesday, 6th December 2011 | 0 comments
Filed under: Amatino Partners, Budget 2012.

Tune in tonight to Northern Sound for a review of Budget 2012 with Des Lowry, Partner at Amatino Partners. Whether you are an employee, unemployed or in business, this Budget will impact on your take home pay, the taxes you pay and the public services you use. Budget 2012 will be released at 3.45pm today.

For more information on the Budget, come along to our Budget Review at either the Cavan Crystal Hotel, Cavan or the Nuremore Hotel, Carrickmacross at 8am for the full briefing.

Headlines from Part 1 of Budget 2012

By Grainne Brady Monday, 5th December 2011 | 0 comments
Filed under: Amatino Partners, Budget 2012.

Main points

€3.8bn fiscal adjustment needed in 2012

€2.2bn of adjustment from spending

€1.4bn in day-to-day spending cuts

€20m earmarked for new Labour Market Activation Fund

€400m saving in public service pay bill

Public service staff down by 6,000

Public service pay bill to fall by €400 million in 2012

Social

Weekly social welfare payments unchanged

Child benefit for first and second child to remain unchanged.

Changes to the one-parent family payment will save €20.7m

Cut of six weeks in the cold weather allowance.

Jobseekers' benefit to be based on five day week.

Changes to the redundancy and insolvency scheme will reduce the employer rebate from 60% to 15%.

Back to School Clothing Allowance abolished for 2/3 year olds

Health

Extra charges on private treatment in public hospitals

€543m in net savings in the health area

Drug Payment Scheme monthly threshold up from €120 to €132

New measures will reduce the price of drugs

2% cut in disability, mental health and children's services, saving €50 million

Staff ceiling of 103,800 employees to apply to the HSE in 2012

Education

€132.3 million savings in education

2% cut in Higher Education funding - €7m saving

Increase of €250 in the third level student contribution

Changes to fee and maintenance supports for new post-graduate students

Education expenditure will comprise 17% of all current expenditure next year.

€19.2m in cuts to trainee and apprenticeship schemes

Primary school transport charge to be doubled to €100

Reform

Reduced allowances and secretarial supports for former Taoisigh

Reformed Ministerial transport arrangements

Number of Oireachtas Committees reduced

Savings of €105m in Dept of Agriculture, Marine, Food

Savings of €45m in Dept of Transport, Tourism, Sport

Savings of €34m in Environment, Community, Local Govt

€20m to be allocated for new Labour Market Activation Fund

€52.9m cut in Overseas Development Aid

€79m cut in spending on An Garda Síochána

Number of Oireachtas Committees reduced

Possible Tax Changes for Budget 2012

By Des Lowry Wednesday, 30th November 2011 | 0 comments
Filed under: Taxation, Amatino Partners, Tax Deadline, Budget 2012.
PRSI
Changes to the PRSI rates are a concern for employees and company directors and they will be keen to see if PRSI will be extended to non-employment income as muted in the press (eg rental income, dividends and interest). For those with rental income, this is a further cost implication after the introduction of the NPPR and the restriction of interest deductions to 75% in the last 4 years. Landlords have also had significant costs when it comes to other legislative requirements including the need for BER certificates and the Residential Tenancies Board fee.

Capital Taxes
For those business owners concerned about passing their business on to the next generation, the proposed changes to the Capital Gains Tax and Capital Acquisitions Tax is of major worry. It has been rumoured that the reliefs will be reduced which would result in extra costs in passing on a business.
The Small Firms Association recently surveyed their members with regard to tendering for goods and services to the Irish public sector, local government and state agencies. In the last 3 years, 65% of the 649 companies who responded to the survey have not tendered for any work with these sectors. In light of this lost opportunity for companies, the SFA Director, Patricia Callan has called on the government to over hall the public procurement procedures to make it easier for Irish businesses to win these valuable contracts.

Many Irish businesses who have taken part in tendering know that it can be a time consuming and confusing process but with the market worth €14bn especially for exporters.

It is important to remember the key tax deadlines that are coming up for your business in the coming months. While October and November are the busiest months due to the Income Tax Deadline, it is vital to be aware of all deadlines throughout the year to avoid any penalties or issues.

  • December 14th

- PAYE - P30 monthly return and payment for November 2011 or the 23rd of December 2011 for those filing with Revenue Online.

- RCT 30 monthly return and payment for November 2011 or the 23rd of December 2011 for those filing with Revenue Online.

- Companies Dividend Withholding Tax - Return and Payment of DWT for distributions in November 2011.

  • December 15th

- Capital Gains Tax - Payment of capital gains tax in respect of gains arising on disposal in the period 1st January 2011 to 30th November 2011.

  • December 21st

- Corporation Tax 

Return and final payment for accounting periods ending 31st March 2011 or the 23rd of December for those filing with Revenue Online.

Preliminary tax for accounting periods ending 31st January 2012 or the 23rd of December 2011 for ROS.

First instalment of preliminary tax for 'large' companies for accounting periods ending 30th June 2012 or the 23rd of December 2011 for ROS.

  • December 31st

- Form 46G Return of Third Party Information - Form 46G for accounting periods ended 31st March 2011.

 


Cavan Office
  • Aeta Place, 
    Gortnakesh, Cavan
  • Tel: 049-4371211,
  • Fax: 049-4332631
  • Email: info@amatino.ie
Monaghan Office
  • 42 Dublin Street,
    Monaghan Town, Monaghan
  • Tel.: 047-84955, Fax: 047-84957
  • Email: info@amatino.ie
   3 CPA logo 300 rgb   hi res chartered1 acca logo

© 2012 Amatino Partners
Web Design by Webtrade