Practice News
Library of Knowledge No. 74 A welcome tax credit has been introduced on Mortgage Interest (where the interest increased from 2022 to 2023) and is available for taxpayers where: The amount qualifying for relief is capped at € 6,250 at the rate of 20%, based on the interest increase between 2022 + 2023. Important Note:…
Read MoreLibrary of Knowledge No. 73 On 5th February 2024 Revenue announced some good news for business’ still working their way through the impact of COVID. The COVID debt warehouse scheme allowed business’ to pause payments of Revenue liabilities for VAT, PAYE, Income Tax, TWSS and EWSS from 2020 through to 2021 (peak COVID period). Phase…
Read MoreLibrary of Knowledge No. 72 In challenging times, strategy is more important than ever. A strategy consultant can provide your business with unbiased insights to help you adapt to change, unearth new opportunities and develop a competitive advantage. The Enterprise Ireland ‘Strategic Consultancy Grant’ can support the cost of hiring a strategic consultant to help…
Read MoreLibrary of Knowledge No. 71 Switching energy providers annually can offer several benefits to your business, the most important from a financial aspect is the significant cost saving factor. It also enables your business to stay competitive in the marketplace. By reviewing your energy contract annually, you can take advantage of new tariffs or promotions…
Read MoreLibrary of Knowledge No. 70 From 1st January 2024 workers will be entitled to up to 5 days of sick leave in a calendar year, (increased from 3 days in 2023) paid at 70% of gross earning, up to a cap of €110. The employee must have 13 weeks continuous employment before being entitled to…
Read MoreLibrary of Knowledge No. 69 Rent Tax Credit – claimable by tenants from 2022 to 2025. 2022 & 2023 Credit Claim € 500 for an individual € 1,000 for a couple who are jointly assessed for tax. 2024 – 2025 Credit Claim € 750 for an individual € 1,500 for a couple who are jointly…
Read MoreLibrary of Knowledge No. 68 The 2022 Finance Act outlined plans to introduce ‘Enhanced Reporting Requirements’ which comes into effect from the 1st January 2024. What does ‘Enhanced Reporting Requirements’ mean? From the 1st January 2024 Revenue require that specific reimbursed / tax free payments to employees (including Directors) be submitted via ROS (Revenue Online…
Read MoreLibrary of Knowledge No. 67 The measures announced earlier this week improves the opportunity for business to claim the Temporary Business Energy Support Scheme (TBESS.) The scheme is also extended until the end of May 2023. Improvements to Scheme Note: Those changes will apply retrospectively from the start of last September 2022. The payment will…
Read MoreLibrary of Knowledge No. 66 Second Reduced VAT Rate of 9% extended, until 31ST August 2023 The ‘Second Reduced VAT Rate’ of 9% which was introduced initially for the period 1st November 2020 to 28th February 2023, is now extended to 31st August 2023. The announcement was part of the package published by the government…
Read MoreLibrary of Knowledge Week 65 With the current economic climate still uncertain, The Revenue Commissioners announced that the current Covid Debt Warehousing Scheme has now been extended to the 30th April 2024. This will come as a relief to many who by the 31st December ’22 would have been faced with either a substantial sum…
Read More