Duffy Accountant and Taxation Services

How to deal with a Revenue investigation or audit

• Scope of Revenue powers to audit and investigate
• Revenue requests for information and access to books and documents
• Dealing with Revenue requests during and audit or investigation
• What to do when Revenue arrive at an advisers office or a taxpayers premises

Voluntary Disclosures
Protection when making a Voluntary Disclosure

• Ensuring conditions satisfied to avail of Voluntary Disclosure
• Extent of Voluntary Disclosure - categorisation of penalty issues
• Drafting written Voluntary Disclosure submissions
• Ensuring that Voluntary Disclosure information may not be used by Revenue in any subsequent criminal prosecution (if Voluntary Disclosure not accepted)

You will pay no capital gains tax when you sell your family home as long as it has been used for the entire period of ownership, as your private residence.

But what to do if you either have, or are considering the purchase of, a second home?

Capital gains Tax (CGT) is chargeable on gains arising on the disposal of assets, other than that part of a gain which arose in the period prior to 6 April 1974. Any form of property (other than Irish currency) including an interest in property (as, for example, a lease) is an asset for CGT purposes.

Are you paying too much tax?

The tax legislation contains many allowances and reliefs that will help you to minimise your tax liabilities. This is so whether the tax arises on earnings, profits of trade or gains when you sell chargeable assets.
Revenue Commissioners staff are not able to advise you on how to organise your affairs to minimise the amount of tax you pay. If you are looking to make tax savings and do not want to make a detailed study of tax legislation, you should seek professional advice. (For business clients our fees are tax deductible!).

Payroll

Completing a tax return can be a stressful exercise even if there are few entries to make. When the October self assessment filing deadline approaches the stress levels will rise even further!
Self-Assessment is a system which gives you greater control and responsibility over your tax affairs. It applies to people chargeable to Income Tax who are in receipt of income from sources which are not chargeable to tax under the PAYE system or where some but not all of their tax on these sources of income is paid under PAYE.

We provide accurate and comprehensive small business bookkeeping services tailored to suit your small business or advise you on the methods of bookkeeping best suited to you.

All businesses are required to keep accurate records for both taxation and VAT (Value Added Tax) purposes. There are two useful by-products of bookkeeping:

• the information can be used to control the finances of your business
• the accounts that need to be produced in order to calculate your tax liability, can be completed in a more efficient way, thus saving on your accountancy charges

With our experience we can take this laborious bookkeeping task away from you provided that you can supply the basic information.

If you still want to retain control of your bookkeeping then we can help to put in place a system that you feel comfortable with, satisfies the Revenue and we can use to prepare your annual accounts and, if you wish, regular management accounts.

Let us take away this book keeping hassle which causes many businesses concern and stress each year. We offer fixed competitive fees, payable monthly so that you can spread your costs of book keeping.

As your business grows then your bookkeeping and accounts grows with it. From your books and records we will prepare your annual accounts (or year end accounts) that will form the basis of yourself assessment tax return, whether you are a sole trader, partnership or limited company.

If you set up your business as a limited company, an annual return must be filed and submitted every year, together with abridged accounts to the Registrar of Companies. Failure to do so will result in substantial penalty fees and possible strike-off proceedings, as well as loss of the audit exemption for 2 years if applicable. The first Annual Return is due 6 months after incorporation (no accounts required).

They will also be invaluable for providing information about your business to financial institutions for example for mortgage applications. We will advise you on ways to strengthen your record keeping that will assist you in meeting your statutory obligations such as VAT and tax returns and managing your affairs.

Tax Credits and Reliefs

Tax Credits are available for: The tax credit is doubled for married couples who have opted for Joint Assessment or Separate Assessment if either spouse is 65 at any time during the tax year.

1. Age Tax Credit
2. Blind Persons
3. Deeds of Covenant
4. Dependent Relative
5. DIRT Tax
6. Home Carer's Tax Credit
7. Incapacitated Child Tax Credit
8. Top Slicing Relief on Lump Sum Payments
9. Married Persons
10. Health Expenses
11. One Parent Family
12. Rent Tax Credit
13. Retirement Annuity Contract
14. Service Charges
15. Tuition Fees
16. Union Subscriptions
17. Widowed Parent Tax Credit

Corporation Tax rate is 12.5%

If you conduct your business through a registered company, corporate tax will be charged on any taxable profits. Taxable profits are not the same as accounting profits , and adjustments may need to be made. Corporate tax rate is 12.5%.

The higher rate of corporation tax is 25% which is chargeable on non trade income, such as interest, dividends and rental income. The income in question is income chargeable under Case III (e.g. discounts, foreign income, interest on Government Securities, deposit interest not subject to D.I.R.T.), Case IV (royalties, miscellaneous income, deposit income subject to D.I.R.T.) and Case V (rental income from land and buildings in the State). The 25% rate will also apply to income from working minerals, petroleum activities and dealing in or developing land, other than construction operations.

As experienced professionals we can provide valuable technical and practical advice, regarding all aspects of the accounting department including:

• Recommending practical controls & procedures for your business.
• Bookkeeping training for you or your staff.
• Systems advice.
• Data collection & storage of supporting documentation advice.
• Cash-Flows projections, Bank Reconciliation and control accounts preparation.
• Suggestions to help to you reduce working capital and its associated costs.

Due to the increasing obligations on directors to keep proper books of account, it is vital that the accounting functions of your business are operating effectively. The outsourcing of the finance function of your business will free up resources and allows you to focus on projects that add value to the business.