Self Employed/Self Assessed
Self assessment applies if you are self employed, a company director or a trustee or personal representative.
Failure to meet your tax obligations can result in significant interest and penalties. We are here to help you complete your tax return, calculate your tax liability and advise you on what payments are due. Self assessment does not generally apply people who pay tax through the PAYE system
What you are required to do
Under self-assessment you must file your tax return on or before 31 October in the year after the year to which the return relates.
You are required to:-
- file your return for the previous year
- make a self-assessment for that year
- pay the balance of tax for that year
- pay preliminary tax for the current year.
You must self-assess when filing your annual tax return. An exception is made where you file a paper return on or before 31 August in the year after the year to which the return relates.
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Email: admin@hcgroup.ie
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Rates and Bands for 2018 – 2020
|
PERSONAL |
2020 |
2019 |
2018 |
|
Single or widowed or surviving civil partner, without qualifying |
€35,300 @ 20% Balance @40% |
€35,300 @ 20%, balance @ 40% |
€34,550 @ 20%, balance @ 40% |
|
Single or widowed or surviving civil partner, qualifying for Single Person Child Carer Credit |
€39,300 @20%, Balance @40% |
€39,300 @ 20%, balance @ 40% |
€38,550 @ 20%, balance @ 40% |
|
Married or in a civil partnership (one spouse or civil partner with |
€44,300 @ 20%, Balance @40% |
€44,300 @ 20%, balance @ 40% |
€43,550 @ 20%, balance @ 40% |
|
Married or in a civil partnership (both spouses or civil partners with income) |
€44,300 @ 20% (with an increase of €26,300 max), |
€44,300 @ 20% (with an increase of €26,300 max), |
€43,550 @ 20% (with an increase of €25,550 max), |
Capital Acquisitions Tax (CAT)
CAT is a tax on gifts and inheritances. You may receive gifts and inheritances up to a set value over your lifetime before having to pay CAT.
Capital Acquisitions Tax is charged at 33% on gifts or inheritances made on or after 5 December 2012 (the rate was formerly 30%). This only applies to amounts over the group threshold. At HC our expert advice and experience in this area will ensure you avail of all reliefs and allowances available in order to limit your CAT liability. We will ensure you pay your CAT on time ensuring no penalties or interest charges are incurred.
Gifts become inheritances if the person dies within two years of giving the gift.
What do you pay CAT on?
Some items regarded as a gift or inheritance include:
- cash
- jewellery or a car
- house or lands
- stocks and shares
- the use of a property for free, or for less than it is
worth - an interest free loan
- a life interest or a right of residence in a property.
You may also have to pay discretionary trust tax on property held in discretionary trusts.
What do you Not pay CAT on?
You do not pay CAT on a gift or inheritance if either:
- it is given to you by your spouse or civil partner
- the total is below that group threshold amount (when its value is added to previous gifts and inheritances in the same group).
You do not pay CAT on a gift with a value of €3,000 or less from any one person in any one year.
Call us on 091 788000
Email: admin@hcgroup.ie
Peace of Mind for you and your loved ones
We are here to help you!
Important Dates in the Tax Calendar for 2020
|
01 January |
Income tax – First day of the new tax year. |
|
01 January |
Local Property Tax – Commencement of phased payments. |
|
10 January |
Local Property Tax – Deadline for payment in full or |
|
15 January |
Local Property Tax – Commencement of direct debit payments. |
|
31 January |
Capital Gains Tax-Payment due on gains 1 December 2018 and 31 |
|
21 March
|
Local Property Tax – Single |
|
31 March
|
Income Tax-Deadline for Income Tax-Deadline for Deadline for nominating |
|
31 October
|
Income Tax
Capital Gains Tax |
|
01 November
|
Local Property Tax – Valuation |
|
15 December
|
Capital Gains Tax: |
|
31 December |
Income Tax – Last day of tax year. |
Corporate Tax Compliance
Corporate tax compliance can be highly complicated as there are constant changes in tax legislation and increased reporting requirements.
Companies resident in Ireland must pay CT on their worldwide profits. These profits include both income and capital gains. Non-resident companies that trade through a branch or agency in Ireland must also pay CT. The CT that a company pays is charged according to Income Tax rules. Chargeable gains are calculated in accordance to Capital Gains Tax (CGT) rules.
At HC Financial our Tax Advisors will work with your company to provide a specific corporate tax compliance service for you.
Our Services Include:
- Advice on the tax obligations surrounding corporation tax filing and payments
- Preparation and submission of tax return to Revenue
- Dividend planning
- Capital Gains Tax planning
- Undertaking compliance reviews for corporate taxes, VAT and PAYE
- Dealing with Revenue enquiries and audits
- Capital Allowances reviews
- Share Schemes such as KEEP (Key Employee Engagement Programme)
- IXBRL services for financial statements
- Redundancy Advisory Service and supports
Call us on 091 788000
Email: admin@hcgroup.ie
Peace of Mind for you and your loved ones
We are here to help you!
Capital Allowances & Deductions
A company can claim certain costs and expenditure against its profits to reduce the amount of tax it pays. These expenses do not include business entertainment expenses or items of capital expenditure.
Capital expenditure is money a company spends on buying or maintaining land, buildings or equipment.
Capital allowances
A company may claim capital allowances on capital expenditure it incurs on certain types of business assets and business premises. Capital allowances are generally calculated on the net cost of the business asset or premises. There are different rates available depending on the type of asset. A company can claim capital allowances on:
- plant and machinery
- motor vehicles
- industrial buildings
- transmission capacity rights
- computer software
- specified intangible assets.
A company can claim capital allowances at a rate of:
- 12.5% over eight years for plant and machinery and
- 4% over 25 years for most industrial buildings.
A company can claim an Accelerated Capital Allowance (ACA) of 100% for the following:
- Energy efficient equipment including electric and alternative fuel vehicles
- Gas vehicles and refuelling equipment
- Equipment in a creche or gym provided by the company to its employees.