Doyle Kelly & Company - registered auditors, accountants and insolvency advisors

News Feed

Accountingnet.ie News Feed

Community News and Information

Main Menu

We now accept Paypal payments for your convenience:

Tax Return Filing Extension for 2010

Revenue have announced that if you file and pay your income tax for 2009 and preliminary tax for 2010 online by the 16th November 2010 you will not be liable to interest on penalties for late payment. The usual deadline of 31st October applies to all other methods of filing and payment.

Vat Registration and Bonds

The Revenue Commissioners have started using Section 23A which was introduced in the 1992 Finance Act. It's objective was for the Revenue to be able to seek security from a Trader for any VAT that might become due. The security is in the form of a Bond which should be purchased from a Financial Institution. They are only supposed to be sought when it is clear that such action is for the protecion of Revenue. eg. Phoenix cases, cases with no establishment/ principals in the State.

National Pensions Framework

The National Pensions Framework does not have any immediate effect on pension legislation. It sets out the Governments intentions for changes in the pensions system over the coming 4 or 5 years. They have said they will keep in mind the impact of changes on competitiveness and will only introduce changes when they are confident the time is right.

To follow are the main points of interest;

- Retirement age will increase from 65 to 66 in 2014, to 67 in 2021 and to 68 in 2025.

- Employers must operate a pension scheme for all employees.

- Employees will be automatically enrolled into the new pension scheme unless they are members of a defined benefit scheme or a defined contribution occupational pension scheme with a contribution rates equal to or greater than the minimum paid under the new scheme.

- The total contribution for this scheme will be 8%, with 4% paid by the employee, 2% paid by the state in the form of tax relief and 2% paid by the employer.

- Tax relief at 33% will replace the current system of marginal tax relief for pension contribution at the standard and higher rates of 20% and 41%.

Do you have a Company Pension and are you a Trustee?

Most Irish limited companies that have an executive pension set up for it's Directors (and even employees) are in a situation whereby the Company is actually a Trustee of the Pension Scheme. This has been standard practice for a long time. The pensions board now require all pension trustees to complete an online training course every two years. This in turns mean that the Directors must complete the course. More information can be found at http://trusteetraining.pensionsboard.ie/ or from www.pensionsboard.ie . We will be conacting all client's directly in the coming weeks with more information.

Doctors and Incorporating Companies

It is now possible for Doctors and others who previously could not incorporate to do so. There can be significant tax and pension benefits from doing so. Contact us for more information. We will be contacting all of our clients whom this might affect over the coming weeks.

More Articles...

<< Start < Prev 1 2 3 4 Next > End >>

Page 2 of 4