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March & April Tax Deadline Dates

By Geoff Foster Monday, 26th March 2012 | 0 comments
Filed under: Taxation, Tax Deadline, Tax Consultant, Tax Advisor.

March Tax Deadlines

1st March Household Charge
Due date for application for payment of household charge by installments. First installment of €25 due on 13 March 2012.

14th March 

PAYE
P30 monthly return and payment for February 2012 (ROS extension to 23 March 2012).

PSWT
F30 monthly return and payment for February 2012 (ROS extension to 23 March 2012).

19th March VAT
Bi-monthly VAT3 return and payment for the period January/February 2012 (ROS extension to 23 March 2012).

31st March 

Share Options
Return of information in relation to share options or rights granted in the year ended 31 December 2011

Household Charge
€100 household charge payable for those not paying in instalments.

Companies

14th March  Dividend Withholding Tax
Return and payment of DWT for distributions in February 2012

21st March Corporation Tax
Return and final payment for accounting periods ended 30 June 2011 (ROS extension to 23 March).

Preliminary tax for accounting periods ending 30 April 2012 (ROS extension to 23 March).

First instalment of preliminary tax for ‘large’ companies for accounting periods ending 30 September 2012 (ROS extension to 23 March).

31 Form 46G – Return of Third Party Information
Form 46G for accounting periods ended 30 June 2011.

Individuals

31st March Basis of Assessment
Deadline for claiming Separate Assessment and nominating Assessable Spouse for 2012.


April 2012

6th April Mandatory reporting
Where applicable, quarterly return of client lists for period to 31 March 3012.

14th April PAYE
P30 monthly return and payment for March 2012. (ROS extension to 23 April 2012).

P30 return and payment for calendar quarter ended 31 March 2012. (ROS extension to 23 April 2012).

PSWT
F30 monthly return and payment for March 2012. (ROS extension to 23 April 2012).

Dividend
Withholding Tax Return and payment of DWT for distributions in March 2012.

21st April Corporation Tax
Return and final payment for accounting periods ended 31 July 2011. (ROS extension to 23 April).

Preliminary tax for accounting periods ending 31 May 2012. (ROS extension to 23 April).

First instalment of preliminary tax for ‘large’ companies for accounting periods ending 31 October 2012. (ROS extension to 23 April).

30 Form 46G Return of Third Party Information
Form 46G for accounting periods ended 31 July 2011.

Action Plan for Jobs

By Patrick Cunningham Monday, 20th February 2012 | 0 comments
Filed under: Taxation, Amatino Partners, Grants, Finance Bill.
The Action Plan for Jobswas launched last week by Government and sets out 270 actions to be implemented in the year ahead. The plan will impact on all government departments and state agencies to help stimulate job creation and support business growth.

The plan includes the creation of a ‘one-stop shop’ for small business supports involving a new Micro-Enterprise and Small Business Unit in Enterprise Ireland. This will result in the dissolution of the City and County Enterprise Boards and the new unit will worth with local authorities to establish a new network of Local Enterprise Offices in each local authority.

The aim of the unit is to support small and medium sized businesses to help them access credit and develop their businesses to increase employment. The plan includes the creation of a €150million Development Capital Scheme which will address the funding needs of mid-sized, high-growth indigenous companies with strong prospects for job creation and export growth. Funding will also be made available through a €100million Micro-Finance Loan Scheme which will also be introduced under the plan.

Health Contribution Refund

By Linda Scott Thursday, 2nd February 2012 | 0 comments
Filed under: Taxation, Amatino Partners, Tax Consultant, Tax Advisor.

Recently the Department of Social Protection has been receiving a very high level of enquiries in relation to requests for refunds of the Health Contribution. If you are concerned about whether you are due a tax refund for payment of the Health Contribution then the following information may be of help.

1. Am I entitled to a refund of the Health Contribution?

If you earned more than €26,000 in 2008, 2009 and 2010 you were liable to pay the Health Contribution and you are not due a refund.

If you earned less than €26,000 and never earned more than €500 in any one week you would not have been charged the Health Contribution and are not eligible for a refund.

You may be entitled to a refund of the Health Contribution if you have earned less than €26,000 in 2008, 2009 or 2010

and earned more than €500 in any particular week in those years.

Your P60 Form will give you details of your earnings.

2.

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.

FACT SHEET: NEW RCT SYSTEM 2012

By Jenny Mc Grath Thursday, 10th November 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

All contractors and subcontractors need to be aware of the changes which will come into force shortly with the launch of the new RCT System 2012. To avoid fines, it is vital to familiarise yourself with the attached factsheet. Click here to view.

December 2011 Tax Deadlines

By Geoff Foster Wednesday, 9th November 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline, Budget 2012.

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.

 

New RCT Changes due 1st January 2012

By John Kieran Tuesday, 8th November 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.

The new RCT system is currently under development and is due to change on the 1st January 2012 whereby all interaction between principal contractors and Revenue will be solely online. There will be no paper alternative.

So what do you need to do to be ready for 1st January?

Principal Contractors

  • Those not already registered for ROS should register as soon as possible.
  • It is important that principals ensure before 1st January that details on ROS for their existing contracts are correct. These details can be viewed and amended as required from the 28th of November.
  • Principles with in-house RCT software systems should engage with their IT experts or software providers to ensure their systems are compatible with ROS.

Subcontractors

  • These are no required to register for ROS for RCT purposes.

November Tax Deadlines

By Geoff Foster Tuesday, 25th October 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.
  • 14th of November

- P30 monthly return and payment for October 2011. (ROS extension to 23rd of November 2011.)

- RCT30 monthly return and payment for October 2011. (ROS extension to 23rd of November 2011.)

- Professional Service Withholding Tax - F30 monthly return and payment for October 2011. (ROS extension 23rd of November 2011.)

- Companies Dividend Withholding Tax - Return and payment of DWT for distributions in October 2011.

  • 19th of November

- Bi-monthly VAT3 return and payment for period September/October 2011. (ROS extension to 23rd of November 2011.)

  • 21st of November

- Corporation Tax - Return and final payment for accounting periods ended 28th of February 2011. (ROS extension to 23rd of November)

- Corporation Tax - Preliminary tax for accounting period ending 31st of December 2011. (ROS extension to 23rd of November.)

- Corporation Tax - First Installment of preliminary tax for 'large' companies for accounting periods ending 31st of May 2012. (ROS extension to 23rd of November.)

- 30 Form 46G - Return of Third Party Information - Form 46G for accounting periods ended 28th of February 2011. Domicile Levy for 2010.

 

October Deadlines

By Geoff Foster Tuesday, 11th October 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline, Business Start-up.
  • 7th of October

Mandatory Reporting - where applicable, quarterly return of client lists for period to 30th September 2011.

  • 14th of October

- P30 monthly return and payment for September 2011. (ROS extension to 23rd of October 2011)

- P30 quarterly return and payment for the calendar quarter ended 30th of September 2011. (ROS extension to 23rd of October 2011)

- RCT30 monthly return and payment for September 2011. (ROS extension to 23rd of October 2011).

- Professional Services Withholding Tax - F30 monthly return and payment for September 2011. (ROS extension to 23rd of October 2011.

- Companies - Divided Withholding Tax Return and payment of DWT for distributions in September 2011.

  • 21st of October

- Corporation Tax - return and final payment for accounting periods ended 31st of January 2011. (ROS extension to 23rd of October)

- Preliminary tax for accounting periods ending 30th of November 2011. (ROS extension to 23rd of October)

- First instalment of preliminary tax for 'large' companies for accounting periods ending 30th of April 2012. (ROS extension to 23rd of October).

  • 31st of October

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

- Income Tax - Return and payment of income tax for 2010. (ROS extension to 15th of November 2011.

- Income Tax - Preliminary Tax (inclusive of universal social charge) for tax year 2011. (ROS extension to 15th of November 2011.)

- Capital Gains Tax - Return for the tax year 2010. (ROS extension to 15th of November 2011.)

- Domicile Levy - Return and payment of €200,000 Domicile Levy for 2010.

If you have any queries on any of these deadlines, contact our Monaghan office on 047 84955 or our Cavan office on 0494371211. www.amatino.ie

Income Tax Deadline 31st of October '11

By Linda Scott Thursday, 6th October 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.

The Income Tax Deadline is approaching and it is vital to get your accounts into your accountant as early as possible so that they can be prepared and filed on time.

 

Revenue have confirmed that the 31 October 2011 Pay & File deadline for 2010 Income Tax returns is being extended for online returns to Tuesday 15 November 2011.

To avail of the extended deadline for 2011, an individual (or their accountant) must file their 2010 tax return by the 15th of November 2011 using the online ROS system. In addition, they must also use the Revenue online ROS system to pay the following tax balances by the 15th of November 2011.

  • Preliminary Tax for 2011; and
  • Any remaining Income Tax balance due for 2010

Unless both:

  • the return is filed on ROS; and
  • the required tax payment is made using ROS;

The existing deadline of 31 October 2011 will apply to both the payment and the return.

Contact our Monaghan office on 047 84955 or Cavan on 049 4371211 if you have any queries on the deadlines or would like to set up a meeting.

Farmers Meeting Success

By Grainne Brady Wednesday, 28th September 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Farming.

Thank you to all the farmers who attended our Farmers Meeting last night in the Headford Arms Hotel in Kells, Co Meath. The meeting kicked off just after 8pm to a full room of farmers interested in the topical issues of Management Accounts and Farm Financing. Barry Kieran, Business Advisory Partner with Amatino Partners, explained the benefits of forecasting and management accounts when it comes to planning for the year ahead and the development of your farm.

Kells Business Roadshow - Wednesday 5th October

By Grainne Brady Monday, 26th September 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Marketing, Taxation, Amatino Partners, Grants, Business Start-up, Cost Cutting.
Amatino Partners are bringing their business roadshow to the Headfort Arms Hotel, Kells on Wednesday the 5th of October.

We are offering local business owners a free, private consultation to discuss any issues regarding accounts, taxation, grants, marketing or other business issues.

We offer a full range of competitively priced services to our clients including:

• Preparation of Accounts & Taxation Returns
• Tax Planning & Consultancy
• Outsourced bookkeeping & payroll
• Assistance with bank and grant applications
• Marketing Consultancy
• Business Advisory services including debtor & cashflow management programmes, cost reduction programmes, ISO quality assurance and assistance with public sector tendering.


To Book a place, call Grainne Brady on 047 84955 or email grainne@amatino.ie

What should you do if you receive an Audit letter from Revenue?

By Geoff Foster Wednesday, 31st August 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Firstly contact your tax advisor if you have one. We at Amatino Partners regularly meet with our clients to help them prepare for their Audit and to ensure all taxes are dealt with correctly.

We can then meet with you to discuss areas in which the Auditor is likely to focus on and help you to plan and prepare for any issues which may be queried. We will accompany you at both the initial meeting right through to the conclusion of the Audit and also provide ongoing consultation during the entire course of the Audit.

Meeting with the Revenue

It is vital that you have professional advice on dealing with an Audit and subsequent meeting with Revenue.

Why would your business be selected for a Revenue Audit?

By Geoff Foster Tuesday, 30th August 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Revenue Audits fill most business owners with fear, annoyance, and business interruption. However being selected for an Audit is not the end of the world and in fact many audits conclude with minimal penalties and publication for the taxpayer if handled correctly.

Revenue use three methods for selection

1. By screening tax returns. Where returns are examined for a variety of tax payers and a review of their compliance history.

Changes to the Audit Exemption Threshold Announced

By John Kieran Friday, 12th August 2011 | 0 comments
Filed under: Taxation, Amatino Partners.

Richard Bruton, Minister for Jobs, Enterprise and Innovation has announced today that the Irish company audit exemptions thresholds are to be increased to the maximum level permitted under EU law. This means that there will be an increase in the number of businesses that will no longer be required to hire external auditors. This move is expected to save Irish SMEs up to €5m per year.

It is estimated that 1,000-2,500 companies will benefit from the increase in the thresholds annually but the numbers affected will depend on compliance with annual filing requirements as companies automatically lose their audit exemption if they do not file on time.

What businesses will be affected by the change?
Companies with a turnover of less than €8.8m and a balance sheet of less than €4.4m will be exempt from the statutory requirement to hire external auditors to examine their accounts, if they have 50 or fewer employees.

Tax Deadlines - August & September

By Barry Kieran Friday, 5th August 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.

General Tax Deadlines

  • 25th September 2011

Pension Levy and statement must be paid by the 25th of September 2011. The levy is calculated at a rate of 0.6% of the market value assets under management in pension schemes.

  • 30th September 2011

VRT refunds on short term drive contracts (ie car hire) will end on the 30th of September.

Capital Acquisitions Tax and filing of returns in respect of gifts and inheritances in the 12 month period ending on the 31st of August, is due for payment on the 30th of September.

 

Companies

  • 14th of August

Dividend withholding tax return filing and payment date, for distributions made in July 2011.

  • 21st of August

Preliminary tax for companies with a financial year end 30th September 2011 is due for payment on the 21st of August or the 23rd of August when using the Revenue Online Service.

Initial instalments of preliminary tax for companies, excluding small companies, with a financial year end 29th February 2012 is due payment on the 21st of August or the 23th of August when using the Revenue Online Service (ROS).

The 21st of August (23rd of August if using ROS) is also the last date for filing corporation tax return CT1 for companies with a financial year end of 30th November 2010.

  • 31st August 2011

Date for filing third party payment return 46G for companies with financial year end of 30th November.

Last date for payment of dividends for the period ended 28th February 2010 to avoid surcharges on rental, professional services and investment income during that period.

  • 14th September 2011

Dividend withholding tax return filing and payment date, for distributions made in August 2011, are due to be issued by the 14th of September.

  • 21st September 2011

Preliminary tax for companies with financial year end of 31st of October 2011, are due to be paid by the 21st September or the 23rd of September when using ROS.

Initial installments of preliminary tax for companies, excluding small companies, with a financial year end of the 31st of March are due to be paid by 21st September or the 23rd of September when using ROS.

The 21st of September (23rd if using ROS), is the deadline for filing corporation tax return CT1 for companies with a financial year end of 31st of December 2010. Loans advanced to participators in a close company of this year end, may need to be repaid by 21st of September 2011 to avoid the assessment of income tax.

Self corrections which enable a taxpayer to amend a submitted return without penalties, must be claimed for corporation tax for accounting periods 31st December 2009 must be completed by the 21st September.

  • 30th September 2011

This is the last date for filing third party payments return 46G for companies with a financial year end of 31st December 2010.

Payment of dividends for the period ended 31st March 2010, must be paid by the 30th of September 2011 in order to avoid Sections 440 and 441 TCA 97 surcharges on investment, professional services and rental income arising in that period.

At Amatino Partner, we keep our clients up to date on all relevant tax deadlines, if you are concerned about any of the above deadlines, please call Barry Kieran on 047 84955.

VAT Rate changes - Who does it affect?

By Patrick Cunningham Wednesday, 3rd August 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

The changes to the Vat rate on the 1st July 2011 has caused a stir in the press and confusion among the public with many consumers unaware of the Vat rate change. The reason for the amendment to certain item's Vat rate is to stimulate spending in certain sectors.

The new 9% rate applies to:

  • The supply of food and drink (excluding alcohol and soft drinks) in the course of catering or by means of a vending machine.
  • Hot take-away food and hot drinks
  • Hotel lettings, including guest houses, caravan parks, camping sites etc
  • Admission to cinema, theatres, certain musical performances, museums, art gallery exhibitions
  • The provision of facilities for sporting activities by a person other than a non-profit making organisation
  • Printed matter - newspapers, brochures, leaflets, programmes, maps, catalogues, printed music (excluding books)
  • Hairdressing services
  • Amusement services - fairground or amusement park services

Goods & Services remaining at the 13.5% rate

  • Bakery products, excluding bread
  • Residential property & Non-residential property
  • Goods used for agricultural production of bio-fuel
  • Building services related to residential property, including installation
  • Children's car safety seats
  • Fuel - coal, peat, timber, electricity, gas (other than auto LPG), heating oil
  • Tour Guide Services
  • Minor repairs - bicycles, shoes, leather goods, clothes, household linen
  • Routine cleaning of residential property
  • Non-oral contraception products
  • Short term hire of cars, boats, mobile homes, caravans, tents or trailers
  • Repair & maintenance of cars, vehicles, vessels and aircraft
  • Jockey services
  • Photographic services including photographic prints
  • Veterinary Services
  • Certain works of art, antiques, literary manuscripts
  • Concrete
  • Services consisting of the care of the human body
  • Animal insemination services & livestock semen
  • Waste acceptance & disposal
  • Agricultural services
  • Greyhound feeding stuff and live poultry or ostriches

If you are in business and have any queries on the Vat rate you should be charging, contact either of our offices - Amatino Partners Monaghan 047 84955 or Amatino Partners Cavan 049 4371211 or simply email info@amatino.ie

€200million Agri Farm Investment Fund

By Linda Scott Monday, 18th July 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Grants, Farming.

Bank of Ireland have recently launched a €200m Agri Farm Investment Fund to support the financial needs of the agricultural sector.  The fund is open to new and existing customers and is available to agri related SME businesses including farmers and food related businesses. The aim of the investment fund is to help businesses and farmers finance new investment requirements to grow business opportunities set out in the Food Harvest 2020 report.

The fund is available for investment in a wide variety of purposes ranging from the purchase of machinery, land or stock to the construction or refurbishment of farming buildings.

Customers who wish to avail of the fund can contact their local branch for details.

Non Principal Private Residence - Pay before 30th June

By Linda Scott Friday, 17th June 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

The Local Government (Charges) Act 2009 introduces a €200 annual charge on non principal private residences, payable by the owners to the local authority in whose area the property concerned is located.

Collection of the Non Principal Private Residence Charge for 2011 commenced on the 31st March 2011.
The 2011 charge is based upon the ownership and status of the property on the 31st March 2011.
Please note that you must pay the NPPR charge for 2011 on or before the 30th June to avoid late payment fees.

You can pay the fee online through this link https://www.nppr.ie/

If you have any queries relating to your tax, contact Linda Scott on 049 4371211. http://www.amatino.ie/patrick-cunningham/linda-scott.126.html

 

Getting the Right Person for the Job

By Lynne Meehan Thursday, 21st April 2011 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Business Start-up.

You may be surprised to hear that businesses are still recruiting, even in the middle of a recession. Employing the right person for the job can make or break a business. There are many ways of going about looking for new employees.


• Recruitment agencies:
Using a recruitment agency could save you money and time, looking through CVs, checking references, and testing that skills are up to scratch.

Farmers Meeting Tonight at 8.30pm

By Des Lowry Tuesday, 5th April 2011 | 0 comments
Filed under: Taxation, Amatino Partners, Farming.

Don't forget that we are holding our Farmers Meeting tonight in the Westenra Arms Hotel in Monaghan at 8.30pm. If you are a farmer and are interested in attending this free meeting, come along tonight. The speakers include:

  • Des Lowry - Amatino Partners on the topic of Succession Planning and Tax Saving for Farmers
  • Brendan Quigley - Agricultural Consultant on the topic of the Single Farm Payment
  • Shane McElroy - Vet on the topic of Calf Health & Colostrum

For more information call Grainne on 0876171957.

Farmer's Meeting 5th April - Book your place now!

By Grainne Brady Wednesday, 23rd March 2011 | 0 comments
Filed under: Taxation, Amatino Partners, Farming.

Amatino Partners are hosting the next Farmer's meeting in the Westenra Hotel in Monaghan on Tuesday the 5th of April at 8.30pm. All farmers are welcome to this free meeting. To book a place call 04784955 or text 0876171957.

 

Speakers include:


Des Lowry, Amatino Partners “Tax & Succession Planning”

 
Proposed tax changes could impact severely on the farming community.

Are you prepared for the Succession of your Farm?

By Des Lowry Tuesday, 22nd March 2011 | 0 comments
Filed under: Taxation, Amatino Partners, Grants, Farming.

Many farm owners put off planning for the succession of their farm but this should not be the case. Careful planning now, can ensure that the farm can be passed in a tax efficient way to the next generation.

There are 3 main types of tax involved:

  1. Capital Gains
  2. Capital Acquisitions Tax
  3. Stamp Duty

 

Click here for the full information and tips on how to plan for your farm succession.

Farmers Meeting - 8th March Cavan Crystal Hotel 8.30pm

By Grainne Brady Friday, 4th March 2011 | 0 comments
Filed under: Taxation, Amatino Partners, Farming.

Calling all Farmers, Amatino Partners are hosting a free Farmers Meeting next week. Book your place now by texting 0876171957 or calling 0494371211. All welcome.

National Recovery Plan 2010-2014

By Grainne Brady Wednesday, 24th November 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

NEWSFLASH: The government have just released their 4 year budget plan to reduce the country's deficit. For a breakdown of the facts, click the link below.

http://www.rte.ie/news/2010/1124/Leaflet.pdf

Deadline for Northern Ireland Tax Returns

By Linda Scott Monday, 18th October 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.

As the deadline for the filing Northern Ireland 2010 Income Tax paper returns looms on the 31 October 2010, it is important to seek advice on your filing obligations in relation to UK income.


Advantages of professional advice


1. Minimises tax liability payable.
2. Ensure all allowable reliefs & deductions available are claimed
3.

Revenue targets sales of overseas property

By Jennifer McGrath Tuesday, 7th September 2010 | 0 comments
Filed under: Taxation, Amatino Partners.

Irish investors who are disposing of overseas properties to bolster their depleted cash reserves are being targeted by the Revenue Commissioners.

Internal Revenue documents reveal that the Irish tax authority believes a growing number of individuals are trying to offload overseas investments without declaring the deals.

Revenue officials are now monitoring the sector, and are trawling through the records of overseas property transactions, particularly in France and Spain, according to well-placed sources.

Revenue believes there has been a surge in property sales by Irish investors, many of whom have seen their Irish assets erode in value as a result of the economic slump. Officials believe many investors might be tempted not to disclose the terms of the sales for tax purposes.

In addition to any capital gains tax on sales, Revenue is examining whether owners had declared the property for rental income while it was in their ownership. It will also investigate if any undeclared money was used to buy overseas property.

As part of its examination, the tax authority is studying foreign property registrations filed by Irish residents, as well as new property ownership registrations in areas favoured by Irish investors.


As part of its work, the Revenue Commissioners obtained the names of thousands of Irish citizens holding overseas bank accounts several years ago.

Tax Planning - An Effective Tool

By Linda Scott Monday, 6th September 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Tax Deadline.

As the deadline for the filing of 2009 Income Tax returns looms on the 31 October 2010, it is important to seek advice on the tax planning in order to minimise your tax bill and maximise your assets.

Advantages of effective Tax planning


1. Minimises tax liability payable.
2. Helps maintain your wealth
3.

The Next Step - Exporting

By Jennifer McGrath Thursday, 12th August 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Marketing, Taxation, Amatino Partners, Business Start-up.

Many businesses face exhausting their domestic market and the next step is to introduce their products to foreign markets. However it is imperative to understand the market you wish to enter as well as the financial aspects of this method of expansion.

Benefits of Exporting


• Sales growth
• Increased profitability
• Providing economies of scale
• Raise the company profile


Considerations when evaluating decisions to export


• Is there a demand in the export market?
• Which countries have the best opportunities?
• What are the best sales channels for any product in that market?
• Will my product need technical or design modifications?
• Can it be packaged suitably for international transport?
• Is an export license required?
• Assess and profile the competition:
• Who is my competition?
• What channels of distribution do competitors use?
• Is there any government funding available for exporting my product?


FOREARMED IS FOREWARNED.


There are many more considerations to be assessed and if you feel that this is the next step for your business, please contact Amatino Partners www.amatino.ie or alternatively Patrick Cunningham on 047 84955 and we will guide you all the way.

Calling all Retailers Struggling with their Cashflow

By Des Lowry Wednesday, 16th June 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Debt Management, Business Start-up.

The economy has effected all business sectors including retail. Most retailers have experienced a dip in sales while their costs have remained high and urgently need to take a closer look at their cash flow in order to survive.

There are 3 principles that companies should follow if they are to seriously examine their cashflow:

1. Increase cash awareness throughout the business

Everyone in the business must be cash focused, from the sales staff right through to support. There is no point in pushing the sales staff to win sales with customers who will not pay or who already have outstanding invoices.

New Grant - Energy Efficiency Retrofit Fund (EERF)

By Patrick Cunningham Wednesday, 2nd June 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Business Start-up.
The scheme is open currently for the Public Sector. It is very close to approval for the Private Sector. In the meantime, you can review the scheme and prepare for an application when fully approved.

Any submission in advance of the release will be treated as an Intent to Apply only, rather than an official application.

The timing of project window will be quite tight, this advance notice is intended to initially inform you of the scheme but also to maximise project time window should you intend to proceed with a grant application.

Please see link below for Guideline document and scheme description.

Energy Efficiency Retrofit Fund link:  http://www.seai.ie/Grants/Retrofit/

Here are the key points

•             Open to Public and Private sectors

•             Support is available for buildings, services and facilities upgrades

•             Projects to focus mainly on thermal and electrical energy use in buildings (but facilities, processes and transport are eligible)

•             Grant 35% funding available to private sector, with a grant range greater than €20K and less than €500K, e.g. €100K granted projects are encouraged

•             Usual qualifying costs, external labour, materials, hardware etc, however no internal staff costs included, or costs incurred prior to grant approval

•             The project must be completed and final documentation submitted by 1/12/10

•             An assessment by SEAI to qualify should take 4 weeks

•             Projects must include a effective system of savings verification

•             Generally SEAI are looking for exemplar,  innovative and projects that can be replicated

•             Speak with the programme contacts before submitting an application

•             Applications cannot be taken just yet, but the strong advice is to get them prepared

 

Applications should be made, in electronic format, using the EERF Application Form. They should be sent to: eerf@seai.ie, and a hard copy (with all relevant signatures) should be posted to: The Grants Administrator, SEAI, Wilton Park House, Wilton Place, Dublin 2.

Show your Business with Bank of Ireland

By Grainne Brady Tuesday, 27th April 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Marketing, Taxation, Amatino Partners, Grants, Business Start-up.

Show your Business Week, is a business initiative organised by Bank of Ireland.Its aim is to bring local businesses together in Bank of Ireland branches across Ireland, to show and sell their products and services. All Bank of Ireland branches will host the Show your Business Week from the 24th-28th of May so if you are interested in showcasing your business, contact your local branch today!

Amatino Partners  will be taking part on:

  • 14th of May 10-4pm in Bank of Ireland Monaghan
  • 28th of May 10-4pm in Bank of Ireland Cavan

Feedback received from the last Show your Business Week in December confirmed that many of the businesses achieved new sales leads, and it provided them with a platform for greater exposure to the local business community along with the prospect of reaching a new audience/marketplace.

NPPR (Non Principal Private Residence) charge 2010

By John Kieran Friday, 23rd April 2010 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Collection of the Non Principal Private Residence Charge for 2010 commenced on the 31st March 2010. The 2010 charge is based upon the ownership and status of the property on the 31st March 2010.

The charge is €200 per applicable property and the deadline for payment is the 30th June 2010. A €20 penalty for late payments will be charged for every month or part of a month after that date the charge is paid. For further information on the charge you should visit the website www.nppr.ie . The website also allows you to pay your charge online.

 

The main types of residential properties that are liable for the charge are,

  • private rented properties;
  • vacant properties (except new but unsold residences, which have never been used as a dwelling and are part of a trading stock of a business) and
  • holiday homes

What types of properties are NOT liable for the NPPR Charge?

Certain heritage buildings approved under section 482 of the Taxes Consolidation Act 1997, newly constructed but unsold buildings which have never been used as dwellings and that form part of the trading stock of a business, buildings let by the Government, housing authorities and the Health Service Executive, a building occupied under a shared ownership lease within the meaning of section 2 of the Housing (Miscellaneous Provisions) Act 1992, accommodation provided by a voluntary housing body, a building let under the Rental Accommodation Scheme, accommodation provided on behalf of the Health Service Executive a building in respect of which commercial rates are paid.

If you have any queries about the NPPR, call John Kieran 04784955.

Budget Review - Book your place now!

By Grainne Brady Wednesday, 2nd December 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

We are holding a Budget Review in Carrickmacross and Cavan on the 10th of December. Book your place now by emailing grainne@amatino.ie or calling Grainne on 04784955.

  • Shirley Arms Hotel, Carrickmacross 7.30am - Budget Breakfast Review
  • Cavan Crystal Hotel, Cavan 6.30pm - Budget Review

Booking is essential and places are limited so book your place now.

 

 

'One job lost' for every 150 shopping trips over border

By Grainne Cunningham - Irish Independent Monday, 30th November 2009 | 0 comments
Filed under: Taxation, Amatino Partners.

Retailers last night claimed that every 150 cross-border shopping trips cause a worker to lose their job here.

Retail Ireland, which is part of IBEC, estimated that the dash for value across the border during the month of November has triggered about 1,700 job losses. The body has urged remedial action in the Budget.

Director Torlach Denihan said: "The impact of cross-border shopping over the weekend alone will cause approximately 400 job losses.

"If cross-border shopping continues at this rate during December, similar numbers of jobs will be lost, with particular devastation in border counties Cavan, Donegal, Louth and Monaghan."


Mr Denihan estimated that about 30,000 jobs have been lost in the retail sector over the past 12 months and that about 11,000 of those were due to cross-border shopping.

He said the biggest attraction for consumers was the price of alcohol, with a recent report from the Revenue Commissioners finding that a bottle of whiskey costs €26 here compared to €18.80 in the North, with 79pc of the price differential due to tax.

"Excise levels on alcohol should be reduced by 20pc because alcohol is the single-biggest motivation for cross-border shopping trips."

While shoppers go for the booze, they generally end up buying other goods while they are there, resulting in a spend of some €900m flooding north of the border in an average year.

Shops in the North have about 3.5pc of the grocery market from the Republic, according to TNS, a market research firm. This results in losses to the Government in VAT and other taxes, Mr Denihan said.

Subsidy

Mr Denihan also pointed out that the total cost to the State in income tax lost and social welfare payments for the November job losses will be €34m.

Mr Denihan urged the Government to:

  • Make retail jobs eligible for the Employment Subsidy Scheme.
  • Ban upward-only reviews of rent.
  • Abolish the Retail Joint Labour Committees.
  • Work with local authorities so that they can reduce commercial rates substantially when they set the 2010 rates during December.

Budget Breakfast Review - Thursday 10th December

By Grainne Brady Tuesday, 24th November 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners, Business Start-up.

The Budget is the key talking point for everyone at the minute, even the flooding hasn't dampened the speculation. If you want to be the first to know about how the budget will effect you and your business, we can help.

At Amatino Partners, we will be holding two Budget Review sessions on the 10th of December, the day after the budget. Our first session will take place in the Shirley Arms Hotel in Carrickmacross at 7.30am, to book your place call 047 84955 or email grainne@amatino.ie

Our second Budget Review session will take place on the 10th of December at 6.30pm in the Cavan Crystal Hotel, to book a place call 049 437 1211 or email alison@amatino.ie

Booking is essential and is free of charge, so reserve your place now!

Exporters call for Budget tax breaks

By Irish Independent Monday, 23rd November 2009 | 0 comments
Filed under: Taxation, Amatino Partners.

The head of the exporters association is calling on the government to introduce tax breaks in the next budget for those selling Ireland abroad.

Liam Shanahan president of the IEA also says special supports are also urgently needed to help Irish businesses selling into the Sterling area offset the fall in the value of sterling which is making our exports more expensive.

Mr Shanahan has told the Oireachtas Foreign Affairs Committee that firms need an incentive to send their sales people abroad in search of new orders.

www.amatino.ie

Taxman to Target Black Economy

By John Kieran Wednesday, 11th November 2009 | 0 comments
Filed under: Taxation, Amatino Partners, Business Start-up.

With tax revenue continuing to fall every month, the Revenue Commissioners are looking at new ways to increase revenue. During the Celtic Tiger, the black economy was overlooked to a certain extent due to sufficient legitimate taxes being submitted by businesses.

Now, with the downturn in the economy reducing tax revenue for the first 10 months of this year by 20%, the black or shadow economy, is now being targeted for taxes. In the past 10 days, Revenue have contacted 7,000 people who sold properties in the last year, strongly reminding them about the law in relation to Capital Gains Tax.

Up until 2008, taxes were generally filed on time but this has changed with the economic slowdown.

Is there light at the end of the tunnel for ROI Retailers?

By Grainne Brady Monday, 2nd November 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

The Irish finance minister, Brian Lenihan has predicted that there will be no repeat of last year's exodus of southern shoppers to Northern Ireland in the run up to Christmas.

 

2008 saw record numbers of shopper racing over the border to do their grocery, clothing and gift shopping resulting in massive losses to the Irish economy. The UK government lowered their VAT rate in the lead up to Christmas in 2008 while the Irish government raised their VAT rate which further increased the value to consumers shopping over the border.

With intensive campaign being run by Irish retailers to encourage consumers to "Shop Local" and "Love Irish Food" - is the message getting across? Especially when 250,000 households in the Republic are now travelling to Northern Ireland to do their shopping, according to figures released last week from the market research group TNS. this is an increase of 50,000 on the same statistics for last year.

But speaking to the Sunday Independent, Brian Lenihan said the British VAT 'holiday' was coming to an end.

Call for VAT cut for pre-Christmas Shopping Period

By Patrick Cunningham Monday, 19th October 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Retailers in the border area have been especially hit hard by the low VAT rate in Northern Ireland and the weak sterling as local customers flock over the border for cheaper food, alcohol and clothing. Retailers nationwide have also been affected with customers from all over the country taking long journeys to save money on their shopping.

Retailer in the Republic fear that this trend will increase dramatically in the next few weeks and months in the run up to Christmas and are calling for a major reduction in excise duty and VAT from November 1.


In a pre-budget submission to Brian Lenihan, Retail Ireland said excise levels on alcohol should be reduced by 20%, as alcohol is the biggest motivation for cross-border shopping.

According to the group, Ireland has the highest excise in Europe for wine and the second highest for beer and spirits and Northern Ireland now accounts for around half of all alcohol sales on the island.

Scrappage Plans could raise €100m

By Irish Times - SHANE O'DONOGHUE & MICHAEL McALEER Thursday, 8th October 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Over 677,000 cars could qualify for a scrappage scheme applied to cars aged 10 years or older if proposals being put forward by the motor industry are introduced by the Government.

The latest bulletin on the Irish vehicle fleet, published by the Department of Transport, shows there are 677,938 licensed cars on Irish roads that were registered in 2000 or earlier. This is out of a total car fleet of 1.9 million.


Several countries have successfully introduced scrappage schemes to support their ailing motor industries.

It is believed any such scheme introduced in Ireland would provide incentives to motorists who scrap their older cars for new models. It may, however, be restricted to the purchase of new cars with emissions levels below 155g/km.

Alan Nolan, director general of the Society of the Irish Motor Industry, estimates such a scheme would create only about 20,000 new car sales in the market next year if introduced.

The latest figures show an increase of 42,000 in the number of private cars licensed last year compared to 2007.

How will the Tax Commissioner Report effect me?

By Grainne Brady Thursday, 1st October 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

The dust has settle on the Tax Commissioner's Report which was launched a number of weeks ago but the main points still remain...how can you, your family and your business prepare for these potential tax changes and how will they effect you?

This is still unclear but here are some of the areas which were covered in the report:

  • Site Transfer to Children

At present, a qualifying transfer of a site to a son/daughter is exempt from Capital Gains Tax and Stamp Duty (subject to certain conditions). The Report proposes to remove this exemption.

  • Gift & Inheritance Tax Agricultural Relief

Gift Tax is levied on someone who receives a gift from a living person whereas Inheritance Tax is levied when someone inherits a gift after the giver has passed away. The person receiving the gift is liable for the tax. For tax purposes the market value can be reduced by a relief called the Agricultural Relief if the recipient is a qualifying farmer.

Tax by installment deadline is October 31st

By Irish Independent - Charlie Weston Tuesday, 29th September 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

Self-employed and owner- managers have been warned that they will not be able to avail of an extension if they want to pay their taxes by installment.

People who are making a tax return have until November 16 if they file online, by using the Revenue On Line (ROS) system.

But anyone who wants to pay their tax by installment will have to file a return for 2008 by October 31 -- the same deadline for those who file a paper return.

tax - amatino partners

In better times, business owners used to wait until the pay-online deadline in November and pay the tax due in a lump sum, according to the advisory services manager of the Association of Chartered Certified Accountants (ACCA), Aidan Clifford.

If they did not have the funds to pay the tax in one lump sum, they would borrow it from the bank and pay it back to the bank over the following year.

But the straitened economic times mean that banks are not willing to lend to small business owners to help them pay their taxes, Mr Clifford said.

Those who wait until November 16 to file online need to have all their tax to pay in a lump sum.

But many taxpayers are finding this more difficult than in previous years and Revenue will only agree to installments for those who file by October 31, he added.

Owners

He said that many business owners have had such a bad year that they are showing a massive reluctance to take their books into an accountant so accounts can be prepared and a return filed to the Revenue.

"If you need an installment plan, the self-employed need to get their books and records into their accountant as early as possible," Mr Clifford said.

However, the ACCA executive said that Revenue is accepting installment plans for taxpayers who are unable to pay, but the installment plan has to be agreed and in place prior to October 31 and not the traditional November 16 date.

He added that in the case of a taxpayer who, for the first time, is genuinely unable to pay a taxation bill -- be that income tax, PAYE or VAT -- Revenue will generally accept installment plans, usually over 12 months.

But he warned that Revenue's attitude to second or subsequent non-payment of tax, or default on an installment plan, is much less benign.

Contact Us  at Amatino Partners to find out how we can help you and your business avoid penalties.

Government Bike Scheme

By Grainne Brady Wednesday, 23rd September 2009 | 0 comments
Filed under: Taxation, Amatino Partners.

Get fit, go green and save money with Government bike scheme.

  • Save up to 51%* on the cost of your bike and safety equipment
  • Make your salary go further each month
  • Improve your overall health and fitness
  • Reduce your carbon footprint
  • Avoid lengthy traffic jams
  • Reduce your journey time by beating the traffic
  • Free from road Tax and insurance
  • Save money on bus/train/luas fares as well as reduced fuel costs
  • A wide range of bikes to choose from
  • Choice of stores nationwide
  • Competitive pricing
  • Free Hi-vis Jacket

 

Newsletter Updates - Amatino Partners

By Patrick Cunningham Wednesday, 9th September 2009 | 0 comments
Filed under: Business Advisory - Amatino Partners, Taxation, Amatino Partners.

If you would like to be kept up-to-date on tax, accountancy and business updates, simply register for our newsletter on the right hand side of our homepage or email grainne@amatino.ie

Don't worry, we will only send out emails every month so you will not be overloaded with too many emails.

5Amatino1.jpeg

Farm Assist

By Desmond Monday, 7th September 2009 | 0 comments
Filed under: Taxation, Amatino Partners, Grants.

Farm Assist is a weekly means-tested payment for low income farmers.

If you are a farmer and you have income from another source (such as other self-employment, insurable employment or capital), you may still qualify for a payment under the Farm Assist Scheme.
You will qualify for this payment if:

  • you are a farmer,
  • are aged between 18 and 66
  • satisfy a means test

Who is considered a farmer?
For this scheme, you are considered a farmer if you farm land that you own or lease and that you use for the purpose of husbandry*.

If you farm land for the purpose of husbandry but you do not own or lease that land, you may still qualify as a farmer as long as the land is not part of a larger holding.

The land, which includes commonage (which is land that you and other landowners own together), must be within the State. You will not get Farm Assist if you lease or let all your land to another person.

*Husbandry means working the land with the object of taking produce from the land.

 

What is the means test?
A means test is a way of checking if you have enough means to support yourself and what amount of payment, if any, you may qualify for. To qualify for Farm Assist, you must show that your means are below a certain level.

Your means are:

  • any income belonging to you or your spouse or partner,
  • property belonging to you or your spouse or partner (except your home),
  • other asset(s) that could provide you with an income.


When you complete and send in the application form Farm 1, a Social Welfare Inspector will call to you at your home.

Commission of Taxation Report due today

By Grainne Monday, 7th September 2009 | 0 comments
Filed under: Taxation, Amatino Partners.
The Commission on Taxation Report will be available to download here on Monday 7th September 2009 at 11:00 am.

Categories


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
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