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Property Investment

13 August 2021/in Blog /by Vanessa

Property Investment and Taxation

Buy to let involves investing
in property with the expectation of capital
growth with the rental income from tenants
covering the mortgage costs and any
outgoings. However the gross return from buy
to let properties, the rent less expenses, can
change. Investors also need to take a view on
the likelihood of capital appreciation exceeding
inflation. Investors should take a long-term view
and choose properties with care.

 Tip
When choosing between investments always
consider the differing levels of risk and your
requirements for income and capital in both
the short and long term
. An investment
strategy based purely on saving tax is not
appropriate.

Which property?
Investing in a buy to let property is not the same
as buying your own home. You may wish to get
an agent to advise you of the local market for
rented property. An agent will also be able to
advise you of the standard of decoration and
furnishings which are expected to get a quick
let.

  • a correctly drawn up tenancy agreement will
    ensure the legal position is clear.

Local property tax and stamp duty apply
Income tax will be payable on the rents received
after deducting allowable expenses. Allowable
expenses include mortgage interest, which is
restricted in the case of residential property,
repairs, agent’s letting fees, and the cost of
replacing furnishings.

Need further assistance contact Vanessa

on 0860791476

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Income Tax Savings

13 August 2021/in Blog /by Vanessa

  1. Keep Your Receipts

This means keeping receipts of all your medical expenses, doctor’s visits, and work-related expenses if you’re self-employed.

Revenue carries out spot checks for up to six years, so you’ll need to keep your receipts for at least this amount of time.

  1. Avail of all the tax credits available to you

Tax credits might sound complicated but in reality, they’re not. A tax credit works by reducing the amount of tax that you pay by the size of the tax credit.

most people are unaware of the home carer tax credit. can be claimed by any married couple or civil partnership where at least one of the spouses is a stay-at-home carer for either a dependent or their own children.

There is also the age tax credit. This is in addition to the personal tax credit that all workers are entitled to and may be claimed once you or your spouse or civil partner reaches the age of 65. If you’re single or widowed it’s €245 and if you’re married it’s €490.

And if you are recently widowed and have kids, you can claim a credit of €3,600 in the first year, tapering to €1,800 in year five.

  1. Claim for work expenses 

Certain professions can also claim for expenses (namely tools, uniforms, and stationery) that are incurred as part of carrying out their day-to-day work.

For example, a nurse who supplies and launders their own uniform can claim a tax allowance of €733. And a skilled worker in the engineering or electrical industry who bears the full cost of their own tools and overalls can claim an allowance of €331.

  1. Claim for your medical expenses

One of the most commonly unclaimed tax reliefs is for medical expenses, where 20% can be claimed back – providing the money hasn’t already been reimbursed through another source such as your health insurance for example.

Non-routine dental expenses like braces are also covered although things like fillings, scaling/cleaning, and tooth extraction are all considered to be routine dental treatments, so won’t be reimbursed, unfortunately. However, lots of other day-to-day medical expenses such as GP visits, consultant fees, prescribed physiotherapy and counseling sessions, acupuncture, routine maternity care, hearing aids, and IVF are all covered.

  1. Get a refund on tuition fees 

Tax relief at 20% is also available on eligible third-level tuition fees. Here the relief is available to the person who has paid the fees, not the person who’s studying. So this means you could claim tax back on your children’s tuition fees as well as your own if you go back to college.

The relief is available on both part-time and full-time courses.

However, the relief only applies to amounts up to €7,000 per third-level course per year. Also, no relief is available for examination, registration, or administration fees, or for things like student levies or sports centre charges.

The €7,000 limit is per course, per person, per academic year. So if you have paid fees for yourself and one of your children, are studying more than one course, or have two children in third level at the same time, you can claim up to €7,000 for each course.

Unfortunately, the first €3,000 of fees for a full-time course and €1,500 for a part-time course do not qualify for relief each tax year. However, this only applies to the FIRST claim you make; if you make a second claim in the same year then you can claim on the full qualifying amount up to €7,000.

  1. Get married 

Most PAYE workers are entitled to a €1,650 personal tax credit as well as a €1,650 PAYE/employee tax credit. Remember a tax credit simply reduces the amount of tax that you pay by that amount. So this means a PAYE worker can earn €16,500 a year before they start paying 20% income tax (as up until this point the €3,300 combined tax credit would more than offset the tax due).

However, if you’re earning a lot more than your spouse and/or your spouse isn’t using up all of their tax credits, you can transfer some of your spouse’s credits over to you to reduce your overall tax liability as a couple.

 

  1. Start a pension

Pensions are a fantastic idea. They are a great way of gaining financial security and protecting your future. But they don’t just make sense for that reason alone; pensions are extremely tax-efficient as any money that you save into a pension is exempt from income tax up to a certain limit.

What this means is that if you were to save €100 a month into a pension, you won’t pay any income tax on that €100. So if you’re a higher-rate taxpayer a €100 monthly contribution will cost you just €60 in net terms (the other €40 which you’re putting into your pension would otherwise have been taken from your payslip in income tax).

  1. Avail of the rent-a-room scheme

 

Under the rent-a-room scheme, you’re allowed to earn up to €14,000 a year entirely tax-free by renting out a spare room in your home. This differs hugely from Airbnb where all the money you receive will be subject to income tax at your marginal rate (so 40% if you earn over €35,300 a year) with the online platform now sharing booking details with Revenue to ensure the appropriate tax is paid!

  1. Get a bike

The Cycle-to-Work Scheme was launched in 2014 and aims to encourage employees to cycle to and from work. Under the scheme, your employer can pay for bicycles and bicycle equipment for you which you pay back through your salary over a period of up to 12 months. You then don’t have to pay any income tax, PRSI or the Universal Social Charge on your repayments.

There is a limit of €1,250 per bicycle purchased (increased from €1,000 in August 2020) and €1,500 for electric bikes and the purchase can be made in any cycle shop.

So if you’re a higher-rate taxpayer and you purchase a new bike for €1,000, it’ll only cost you just over €500, spread out over 12 monthly payments.

  1. Get on board with a Taxsaver ticket

Similar to the Cycle-to-Work Scheme, the Taxsaver scheme incentives people to use public transport to and from work. Again, under the scheme, your employer pays for your public transport ticket which you pay back through your salary each month. You then don’t have to pay any income tax, PRSI, or the Universal Social Charge on your repayments meaning you can make big savings and pay less tax.

Need assistance with your tax affairs contact Vanessa at 0860791476

 

https://www.duffytaxation.com/wp-content/uploads/2021/03/dt-logo.png 0 0 Vanessa https://www.duffytaxation.com/wp-content/uploads/2021/03/dt-logo.png Vanessa2021-08-13 14:14:152021-08-13 14:17:06Income Tax Savings

Relationship Tax Matters

13 August 2021/in Blog /by Vanessa

 

Relationship Brake up

 

If you and your partner have recently split up, tax is an area that you may need to consider.

For a couple that is married or has a Civil Partnership, the tax status for the couple (jointly assessed, separately assessed, or singly assessed) before the relationship ends is important.

If you were jointly assessed in the year of separation and you were the assessable spouse, you will be taxed on:

  • All of your income for the full year
  • Your former spouse or civil partner’s income up to the date of separation
  • You can still claim the personal tax credit and PAYE credits for jointly assessed persons and the relevant increased rate band if applicable.

The non-assessable spouse or civil partner will be assessed on their personal income from the date of separation to the following 31 December. They can claim the single person’s tax credit and if they qualify, they may also be entitled to claim the Single Person Child Carer Credit.

For a couple that is separately assessed, we look to see who the assessable spouse under joint assessment would be.  Even in a year of separation, a couple that is assessed under separate assessment should have the same tax payable as a couple under joint assessment so tax bands and credits can be moved to ensure this occurs.

For couples assessed under separate treatment, they are treated as single prior to the relationship ending, and therefore there is no change to their tax position other than if they qualify for the Single Person Child Carer Credit.

Maintenance payments

An area that can get messy is maintenance payments. Not all maintenance payments are recognised and therefore it is important to look at this before payments are agreed.

There are special income tax rules for couples who are living apart, divorced, or have dissolved their civil partnership and certain cohabitants who have ended their relationship.

The maintenance arrangement must be a legally enforceable obligation and made in consideration of the breakup. The paying spouse or civil partner will make the payments gross and will be allowed a deduction against their other income. The recipient will be taxable on this income. This can have some tax benefits if one individual is earning more income than the other as the deduction can reduce the higher rates of USC and income tax and the lower bands and credits of the recipient can be utilised.

An important point that should be remembered is that only payments towards the spouse or civil partner will either be deductible or taxable. Any payments for the benefit of a child will be ignored by both parties.

If both parties sign a joint application and they meet the conditions the maintenance payments are ignored for tax purposes.

Transfer of assets

Capital Gains Tax

When spouses or civil partners are living together they can avail of a capital gains tax exemption on transfers between them.

When the separation of two spouses becomes permanent, the spousal exemption no longer applies to the transfer of assets. However, if the assets are ordered to be transferred by court or under the deed of separation or divorce settlement, these transactions are exempt from capital gains tax. Again, some exceptions apply to this e.g. trading stock or if one partner would not have been taxable on the gain i.e., not resident.

Any transfers between former partners after divorce will be liable to capital gains tax.

It should also be noted that the transfer of assets between cohabiting couples by court order under the Redress Scheme is also exempt from capital gains tax.

Capital Acquisition Tax (Gift & Inheritance Tax)

Unlike capital gains tax above, regardless of not living together while you remain legally married or in a civil partnership, you will be exempt from Capital Acquisition Tax.

If you are divorced or your civil partnership dissolved, a court may order property to be transferred between you. You do not have to pay Capital Acquisition Tax on court ordered property transfers.

Need help with your Taxes? Call Vanessa on 0860791476.

 

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PAYE – Common Questions and Answers

10 March 2021/in Blog /by Duffy_Admin2021

Q1 What is PAYE?

PAYE (Pay As You Earn) is tax deducted from your salary / pension by either employers or pension providers.

Q2 What is an End of Year Statement

This is an annual statement of the amount of PAYE and PRSI deducted by an employer or pension provider. An Employment Detail Summary will be available to you through Revenue’s myAccount service.

Q3 What happens when I cease Employment?

An Employment Detail Summary will be available to you through Revenue’s myAccount service.

Q4 What is a Form PRD 60?

A PRD 60 is an annual statement of the amount of pension levy paid by a public sector worker.

Q5 How do I claim a tax back when unemployed ?

Your employer will provide Revenue with your pay and tax details and your leaving date.

A claim for unemployment repayment can be made:

  • immediately if emergency tax was applied in your last employment
  • immediately if you are leaving Ireland permanently
  • four weeks after becoming unemployed if you are not receiving any other taxable income
  • eight weeks after becoming unemployed if you are receiving other taxable income such as Jobseekers Benefit.

 

Q6 What is a Revenue Payroll Notification(RPN)?

Revenue Payroll Notification(RPN):The RPN provides employers with the necessary information to calculate the statutory deductions through payroll. It outlines Tax Credits and Income taxable at the standard rate.

Q7 How much of my income is taxable at 20%?

The amount of income taxable at 20% is indicated by the standard rate cut-off point which is included on the certificate of tax credits. For a single person it is €35,300 for 2020.

Q8 Can I allocate surplus credits and standard rate cut-off bands to my spouse?

Under joint assessment where both spouses have an income for 2020 one can earn up to €44,300 taxed at 20 % and the other €26,300 taxed at 20%

Q9 What is the PAYE credit?

A PAYE credit is a special tax credit worth €1,650 that employees are entitled to.

Q10 I’m a proprietary director; am I entitled to the PAYE credit?

Proprietary directors (directors owning more than 15% of the company) are not entitled to the PAYE credit in respect of salary from their own company.  However, you are entitled to the Earned Income tax credit of €1,500 for 2020.

Q11 Do I still deduct PAYE from a salary I receive from my own company?

Yes PAYE must still be deducted from your salary even if you own the company which is paying you.

Q12 Is there an age exemption for PAYE?

No.

Q13 Do I pay PAYE if I have a medical card?

Yes if you have PAYE source income.

Q14 Am I entitled to an age credit?

You are entitled to the age credit if you are aged 65 or over in the tax year.  It is worth €245 for a single person and €490 for a married couple.

Q15 What are exemption limits?

Exemption limits apply for age 65 and over. If your PAYE income is less than the exemption limit and you obtain an exemption certificate from Revenue then PAYE will not be deducted from your income. The income limit for 2020 is €18,000 for a single person and €36,000 for a married couple.

Q16 What are flat-rate allowances?

These are special tax allowances to cover employee expenses for certain categories of employees. A full list of the qualifying employments and amount of expenses claim is available on our website.

Q17 What is PRSI?

PRSI (Pay-Related Social Insurance) is additional tax deducted to fund social welfare and health benefits.

Q18 What’s my PRSI class?

Most employees pay Class A although some shareholder directors may pay Class S.

Q19 What is my rate of PRSI?

Class A PRSI is payable at 4%. No PRSI is payable for weekly earnings under €353 .For employees on Class S, the salary is taxed at 4% subject to a minimum payment of €500.

Q20 Is there an age exemption for PRSI?

Yes persons aged 66 and over are exempt from paying PRSI.

Q21 Do I pay PRSI if I have a medical card?

Yes as long as you are under 66.

Q22 What is the USC?

USC is a tax payable on your total income There is no relief for pension contributions.

Q23 How much USC do I have to pay?

The USC is payable at

  • 5% on a person’s first €12,012 earned per annum
  • 2% on the next €8,472
  • 5% on the next €49,560
  • 8% on the balance.

Q24 Is there an age exemption for the USC?

No. USC is payable regardless of age. However if 70 or over and where income does not exceed €60,000 it will be levied at a top rate of 2% on any income above €12,012.

Q25 Do I pay USC if I have a medical card?

Yes. However where income does not exceed €60,000 it will be levied at a top rate of 2% on any income above €12,012.

Q26 Is social welfare PAYE income?

Yes social welfare is classed as PAYE income though PAYE is not deducted at source.

Q27 Does PAYE apply to maternity benefits paid by the Department of Social Protection?

Yes from the 1st July 2013. Prior to this Maternity benefit was tax free.

Q28 Is jobseekers benefit subject to tax?

Yes.

Q29 Is my state pension subject to tax?

Yes but if you have no other income it’s unlikely that you will owe any tax on the pension.

Q30 Is my employment pension subject to PAYE?

Yes your employment pension is subject to PAYE and this will be deducted at source.

Q31 Is children’s allowance subject to tax?

No.

Q32 Is statutory redundancy subject to tax?

No.

Q33 Are my share options subject to PAYE?

Yes your share options are subject to PAYE.

Q34 Is PAYE payable on a gift voucher I received from work valued at €500?

No provided that the value does not exceed €500 per annum.

Q35 Can my medical expenses be taken into account by my employer to reduce the amount of PAYE deducted?

No. However if you incurred very significant medical expenses during the tax year you should contact your local Revenue office and they may agree to allow the tax relief in your  certificate of tax credits. Otherwise you must wait till after the end of the tax year to claim your tax relief.

Q36 What does being taxed on a normal or cumulative basis mean?

This means that tax credits and the standard rate cut-off point which are not used in a pay period are carried forward and are available for use in the calculation of tax due in the following pay period within the same tax year.

Q37 I didn’t earn enough wages for PAYE to be deducted; can I still make a claim for medical expenses incurred?

You can only make a claim for medical expenses incurred if you have actually paid tax that can be offset by them.

Q38 What is BIK?

BIK (Benefits-In-Kind) refers to additional benefits received by an employee. These benefits can be cars, accommodation or medical insurance.

Q39 How do you calculate BIK on a company car?

The taxable benefit depends on the cost of the car and annual business mileage and what running costs are paid for by your employer.

Q40 Is BIK subject to PAYE, PRSI and the USC?

Yes. The BIK amount is treated as notional pay and taxed as normal salary.

Q41 Is the provision of travel passes for bus, train or Luas taxable as BIK?

No. These are not classed as BIK and are not subject to PAYE.

Q42 Is the provision of bicycles or bicycle safety equipment taxable as BIK?

No. This is not classed as BIK and is not subject to PAYE subject to a cost ceiling of €1,000 in any five year period.

Q43 What are AVCs and do they affect the level of PAYE I pay?

AVCs are additional voluntary contributions made to occupational pension schemes. A rebate of PAYE can be claimed from the Revenue Commissioners for these payments.

Q44. Can fixed monthly pension PRSA payments be used to reduce the amount of PAYE deducted from my salary?

Yes. If you contact your local Revenue office, they can be added to your certificate of tax credits.

Q45. I have received dividends in addition to my PAYE income. How do I declare them?

You will need to declare the dividends and your PAYE income to Revenue on a Form12 and pay any tax owed.

Q46. Is an end of year bonus treated in the same way as my salary for PAYE purposes?

Yes. A bonus will be treated in the same manner as your salary for PAYE purposes.

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How to set up a Limited Company

10 March 2021/in Blog /by Duffy_Admin2021

When you are beginning with a new company you will need to be sure you deal with all the requirements and comply with the law. This is a list of a few steps to take…

Let us help you get started.

Firstly, what is a Limited Company?

A Limited Company (LTD) is also called ‘A Private Company Limited by Shares’. It is the most popular company structure in Ireland.

A Limited Company has limited liability and a share capital. The people who own the shares are called shareholders or members. The LTD company can have 1 Director and 1 shareholder.

We are available by email duffytaxation@gmail.com

What do you need to set up a new company in Ireland?

  • Director, Company Secretary and Shareholders
  • Shares and ownership structure
  • Registered office and business address
  • Company name and documents
  • Company seal
  • Opening a bank account and registering for tax

steps to set up a company in Ireland in detail

  1. You need at least one Director

A Director – you need to appoint at least one. The Director is accountable for controlling the Limited Company for its shareholders. In small companies, the directors and shareholders are often the same people.

All Irish companies have to have at least one Director as a minimum and they need to be a resident of an EEA country. If all Directors of your company are living outside the EEA, then you must have a non-EES bond in place.  Please ask us for details.

For instance, if you have a Director who is resident in Ireland and another Director who is resident in the USA, you can incorporate a company without buying a bond.

If the only two Directors are resident in the USA, you will have to buy a bond before incorporating a company in Ireland.

  1. Appoint a Company Secretary

If your company has one Director, you need to get another person to be the Company Secretary. If you have two Directors (or more), one of them can also be the Company Secretary.

The main job the Company Secretary has to file Annual Returns each year. The Company Secretary works with your accountant to make sure that your accounts are filed within the time limits. Late filings with the Irish Companies Office will mean that your company will be fined by up to €1,200 and your accounts will have to be audited for two years.

 

  1. Have at least one owner

The owners of your company are called shareholders. It is very common in new companies for a Director and the Company Secretary to be shareholders in the company.

  1. How many shares you want in your company

Whoever owns the shares owns and controls the company.  Generally, shares are for a nominal amount like €1 or 1 cent each. So if 2 shareholders have 1 share each, then they own 50% of the company each. You give shareholders shares when you’re setting up a Limited Company. There are two things to think about and both are needed when setting up a company in Ireland.

The amount of ‘Authorised shares’ is the maximum shares you can issue.  The amount of ‘Authorised shares’ you have has no effect on the value of the company.

‘Issued shares’ are the shares that are actually given to and paid for by shareholders. If you give 100 shares to one person then that person will own 100% of the company. It’s the number of shares that you give or issue that decides who owns the Irish Limited Company.

We recommend that your limited company has 100,000 authorised shares and that you give shareholders 1 or 2 shares

  1. The Registered Office Address and Business Address for your Limited Company

You need a Registered Office Address and Business Address for your Limited Company when registering a company with the Companies Registration Office. The Registered Office Address is the official, legal address of your company. It must be a physical address in Ireland and you need to be able to get paper delivered to that address.

 

The Business Address is where your company is carrying on the business. If you’re running an online business or working from home, you may want to look into a mail box for your post.

If you want to go ahead then contact us at duffytaxation@gmail.com to get started.

  1. What company name do you want

When you set up a Limited Company, your new company name may be the first thing you want to decide on. Your Limited Company name must be unique and distinguishable when you compare it to other names already registered with the CRO. The CRO will do name checks and if your name isn’t very clear against other companies, your company name will be rejected.

  1. Prepare and sign the incorporation documents

 

  1. Set up a business bank account in Ireland

Once your company is set up, you will need to keep the limited company sales and purchases separate from your private affairs. To open a bank account you usually need to have at least one meeting face-to-face, however as a non-resident, there is a new option now to do it all online – please contact us to get details. You will also need company documents – including the original certificate of incorporation, your company constitution and a copy of the A1 form.

  1. Registering for taxes

All Limited Companies register for Corporation Tax once they are trading. Find out what other taxes new companies need to register for.

  • Corporation Tax
    All companies in Ireland are assessable and have to pay Corporation Tax, no matter how large or small. To qualify for 12.5% Corporation Tax, you need to prove that you’re actively trading and centrally managed in Ireland.
    Even if you don’t qualify for 12.5% Corporation Tax, you still need to register with Revenue for tax and you are subject to Corporation Tax at 25%.
    You or your accountant have to file all payments and returns online through the Revenue Online Service (ROS). Your agent (i.e your accountant) can advise you and submit returns on your behalf. Your accountant will also have access to your ROS account.
  • Value Added Tax (VAT)
    Over a period of 12 months, if your business generates a turnover above €75,000 ( if selling goods ) or above €37,500 ( if selling services ), you will need to register for VAT. This is a rolling 12 months, not annual. That means that you can register for VAT at any time you estimate your business sales may exceed the threshold.  What that means is that if you are selling services when your sales are more than €3,000 you need to register.
  • You can register your company for VAT with Duffy Taxation Services. Once your company is registered, you will get a VAT number to use on your invoices and you will also be able to reclaim the VAT on business expenses.
  • Relevant contracts tax (RCT)
    You need to pay RCT if you are a principal contractor. This is someone who pays a subcontractor to carry out activities on behalf of your business. This applies to subcontractors in these ‘relevant’ industries: construction, forestry, and meat processing.
  • Employers PAYE
    If you plan to employ people, you will have to register as an employer and operate a payroll. You are responsible for deducting the appropriate PAYE tax, USC, and PRSI from your employee’s wages on or before they are paid. Directors are employees so if you want to pay yourself wages you will have to register for PAYE.  This can be a time-consuming task and you may consider outsourcing payroll to Duffy Taxation Services.
  1. File Annual Returns with the Companies Registration Office and know your statutory Annual Return Date (ARD)

Once you have incorporated your company, your company will have an Annual Return Date allocated to it.

Your first Annual Return is due 6 months after you set up your limited company. It is important to note that you have 28 days from your ARD to file your annual return. Your accountant and Company Secretary will advise you on this. The first Annual Return includes details about your company.

As ever, this is another service Duffy Taxation Services  provides so we can do that for you.  There are no accounts to be filed with this Annual Return.

Your second Annual Return is due 12 months after your first Annual Return. Your accountant will need to prepare a balance sheet, profit and loss account, directors’ report and sometimes, an auditor’s report every year. Subsequent annual returns and financial statements are then filed on this date every year.

  1. What you should know if you are late filing

If you are late filing your first Annual Return form, your company will be fined €100 and then €3 per day after that. This penalty is up to €1,200 per year. If you are late filing any subsequent B1 forms, you will have to pay the fine and your accounts will be audited for 2 years.

  1. You will need to file a Director’s Income Tax Return (Form 11) before 31st October each year

A company director has to file an Income Tax Return every year. A non-proprietary director (someone who owns less than 15% of the shares in the company) can file a Form 12 Income Tax Return.

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How to start a company in Ireland as a non-resident 

10 March 2021/in Blog /by Duffy_Admin2021

There are 2 main complications if you are non-resident.

You may have to come to Ireland to open a bank account.You will need your identification papers e.g. passport and sign up for the bank account on a secure platform.

You will need to be resident in the EEA ( European Economic Area ) otherwise you have to have a bond to cover your accounting requirements with the Companies Office.  This costs approximately €1,800 per year so it is usually cheaper to appoint a local to act as director.

Company formation in Ireland for non-residents

To form a company you will need at least 2 legal persons, one real person to act as director and another person ( who can be a company ) to act as company secretary.

How to set up a Limited Company >

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  • Property Investment13 August 2021 - 4:46 pm
  • Income Tax Savings13 August 2021 - 2:14 pm
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