Using life insurance to beat inheritance tax. Open Gallery 1 If you stand to inherit property or assets from parents but are worried about getting caught in the current inheritance tax 'trap', a life insurance policy might be an effective way to avoid paying the full whack.
Over the last few years, the Government has reduced the tax-free threshold for capital acquisitions tax (CAT) to €225,000 for people who stand to inherit assets when their parents die. So if a deceased husband and wife willed their family home worth €1,000,000 to their three children, then (and as long as they had not been living there) they would each be facing an inheritance tax bill of €35,725 on the last death of either spouse, according to Michael Bradley of Clear Financial. The five things to remember if you're claiming R&D tax credits. Open Gallery 1 1.
Remember the deadline: Don't miss out 2. Documentation, documentation, documentation. Your questions: Can I write off the cost of an account on my self-employed tax bill? New tax refund scheme announced for start-ups. A new tax refund programme aimed at encouraging more people to start up tThe StartUP Refunds for Entrepreneurs (SURE) initiative allows individuals to obtain a refund from the Government of up to 41 per cent of the capital they invest in establishing their own company over a six-year period.
It replacest the much criticised Seed Capital Scheme. The new programme is targeted particularly at individuals in PAYE employment, the unemployed and retired people. “Two thirds of all new jobs across the economy are created by start-ups in their first five years of existence, and that is why we are putting in place a range of new measures specifically aimed at encouraging more people to start their own businesses. In Ireland we have great start-ups, we just don’t have enough of them,” said Minister for Jobs, Enterprise and Innovation Richard Bruton. The general conditions for SURE are that individuals must: New tax refund scheme announced for start-ups. Operation of PAYE for Non-Resident Employees - Chartered Accountants Ireland. According to Revenue eBrief No. 03/15 an Irish resident employer will not be obliged to apply for a PAYE Exclusion Order in respect of remuneration paid to a non-resident employee in certain circumstances.
Where the employee: is not resident in the State for tax purposes,has been recruited abroad,carries out all the duties of employment abroad,is not a director of the employer, andis outside the charge to tax in the State, the employer is not required to apply for an Exclusion Order under section 984 TCA 1997 and accordingly does not need to operate Irish PAYE. Tax Tips. By Ailish Treanor, PKF-FPM Accountants Limited Q: I am a local employer and employ 10 full-time and 5 part-time staff.
I process the payroll each week but have not yet sent a Full Payment Submission to HMRC. Can you tell me what this is and if I am exposed to any penalties to date? Christmas Gifts. Question.
I run a small company and would like to treat my employees over Christmas as a thank you for their hard work and commitment over the past year. How I can I do this tax efficiently? Answer. The 10 worst budget blows since austerity hit. This Tuesday's Budget is unlikely to be as hard on our pockets as the last seven have been.
A tax cut certainly seems to be on the cards. So too do tax breaks for builders - a bid by the Government to step up house building around the country and ease the housing shortage crisis.