35 Wolfe Tone St Sligo info@mcdowellaccountants.ie 071 91 69647
Be it you are PAYE or self employed you can go back 4 years to review what tax you have paid to the Revenue Commissioners. Never mind the fact there is only 32 sleeps till Christmas – more importantly you have until the 31st December to claim for any tax refund you might have for…
The October 31st tax deadine for the self employed is fast approaching. You may have your annual return completed at this stage and found your tax bill a little to high ! With increases due to the universal social charge and reduced tax credits your tax bill will get higher ! However, there are ways…
Note – if you are a PAYE tax payer and have not claimed all your tax credits for 2007, the deadline to apply for this cash back is fast approaching. You can claim for things like : Service charges Medical Expenses Rent Relief Pensions contributions Marriage tax credit Tuition fees (3rd level colleges)…
If you are in business as a sole trader, and you are paying tax at the higher rate (41%) you could possible reduce this liability by forming a partnership to increase your tax cut off points. This could apply to brothers, sisters, spouses, etc. Partners can combine their tax cut off points (€32,800 + €32,800)…
Wheter your PAYE of self employed the tax system in Ireland only issues tax credits as directed by you. We all recieve the standard credits (single / married persons) plus the PAYE credit but thats about it. Depending on your circumstances, and how they change can effect your credits and therefore the amount of tax…
There is a special Capital Allowances Scheme for work on farm buildings and structures associated with pollution control where the work is carried out before 31st December 2010. There is an accelerated allowance in Year 1 of the lesser of €50,000 or 50% of the qualifying expenditure. This Year 1 allowance is regarded as a…
Nursing home fees still allow tax relief at 41%. This means if you are paying €20,000 per year to a nursing home you can claim back up to €8,200 in tax if you are paying tax at the higher rate. If your son/relative or other family are paying this for you they can claim this…
We welcome any tax related questions to this web blog. A friend asked me an interesting question in relation to sick pay for PAYE and the possibility of a tax refund. Here is that point – Q. I was off sick for 3 weeks in 2010, and my employers paid me full pay. Cheques I…
Employing a good accountant is the first and most obvious move to make when trying to keep your tax bill down. Complementing this is for you yourself to invest a bit of time into learning the tax system and becoming aware of the various schemes out there to help you learn the tax system. This…
Employ a family member – make use of all family members tax credits who are not working and therefore reduce your liability by up to €4,000. 2. Form a partership with your spouse if they have no income, to stop your profits being taxed at the higher rate and save up to €6,000. 3. E…
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