Our presentation at the 2016 CPA Ireland annual tax conference on filing your 2015 tax return and some great reveals for reducing your Irish income tax liability
The document provides information about filing taxes in Ireland, including deadlines, penalties, and tips to reduce tax bills. Some key points:
- The deadline for paper tax returns is October 31st and the deadline for online returns is November 15th. Filing late can result in penalties of 5-10% of the total tax liability.
- Individuals must file if they are self-employed, have rental income, investment income, shares/options, or other non-PAYE income.
- Taxpayers can reduce their bills by claiming all eligible tax credits, contributing to a pension, splitting income with a spouse, carrying losses forward, and considering setting up a limited company.
- Tax
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
This document provides a quiz on taxation of corporate income and taxes on consumption and sales from an economics course. It includes 20 true/false questions and 20 multiple choice questions covering topics like the corporate income tax base, effects of taxes on profits and prices, incidence of corporate income taxes, and differences between income, sales, value-added and consumption taxes.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The document provides information about filing taxes in Ireland, including deadlines, penalties, and tips to reduce tax bills. Some key points:
- The deadline for paper tax returns is October 31st and the deadline for online returns is November 15th. Filing late can result in penalties of 5-10% of the total tax liability.
- Individuals must file if they are self-employed, have rental income, investment income, shares/options, or other non-PAYE income.
- Taxpayers can reduce their bills by claiming all eligible tax credits, contributing to a pension, splitting income with a spouse, carrying losses forward, and considering setting up a limited company.
- Tax
This document summarizes different types of taxes in the United Kingdom, including direct and indirect taxes. Direct taxes include income tax, corporation tax, inheritance tax, and capital gains tax. Indirect taxes include value added tax (VAT), stamp duty, stamp duty land tax, and customs duty. It provides brief definitions and details for each of these taxes.
Phuong - Taxation - Chapter 8 - The tax practitioner and the UK tax environme...Phuong Nguyen
This document provides an overview of taxation in the UK. It discusses the main sources of UK tax legislation including Acts of Parliament, statutory instruments, and case law. It also describes the role and organization of HM Revenue & Customs, which administers the UK tax system. Finally, it defines different types of taxes such as income tax, corporation tax, capital gains tax, and inheritance tax, and how income is classified for taxation purposes.
This document provides a quiz on taxation of corporate income and taxes on consumption and sales from an economics course. It includes 20 true/false questions and 20 multiple choice questions covering topics like the corporate income tax base, effects of taxes on profits and prices, incidence of corporate income taxes, and differences between income, sales, value-added and consumption taxes.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
This document provides an overview of withholding tax requirements in Pakistan as outlined in the Income Tax Ordinance of 2001 and Sales Tax Act of 1990. It defines key terms and outlines the persons responsible for withholding tax and applicable rates for various transactions including imports, salary, dividends, profit on debt, payments to non-residents, and other payments. The document also specifies the timing of tax collection and deductions as well as the treatment of taxes withheld as adjustable or final.
The document provides an analysis of key changes in the Union Budget 2013 related to direct taxes, indirect taxes, and service tax. Regarding direct taxes, key changes include deferring GAAR implementation, revising withholding tax rates on royalties and FTS, and imposing surcharges on various incomes above certain thresholds. For indirect taxes, notable changes involve hiking and lowering customs duty rates on certain products. Under service tax, changes include modifying the negative and exemption lists as well as reducing abatement rates for certain services.
This document covers principles of business taxation. It discusses major tax principles like equity and efficiency. It describes different types of taxes - direct, indirect, and how tax rates can be progressive, proportional or regressive. It also outlines tax bases, sources of tax rules, calculations for trading income and losses, capital gains tax, VAT, employee taxation, and issues around corporate residence, double taxation, tax avoidance and evasion.
This document provides the suggested answers to problems in Chapter 11 on percentage taxes from the textbook "Business and Transfer Taxation 5th Edition" by Valencia & Roxas. It addresses 51 problems testing understanding of percentage tax concepts and calculations. The problems cover various percentage tax rates applied to different types of businesses, income, and transactions. The answers follow tax regulations and explain reasoning for right and wrong answers.
Landlords are facing changes to tax legislation that will reduce their rental income. Incorporating rental properties into a limited company allows landlords to avoid capital gains tax, stamp duty land tax, and inheritance tax. It also provides 100% tax relief on mortgage interest and corporation tax of only 17-20% on rental income compared to the individual tax rate of 20-45%. Setting up a specialist trust can further protect the shares of the company from inheritance tax.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
This document summarizes corporate income taxation in the Philippines. It defines domestic corporations, resident foreign corporations, and non-resident foreign corporations. It outlines the types of taxable income and various corporate income taxes. It provides the formulas for calculating normal income tax, minimum corporate income tax, and optional gross income tax. It also summarizes the different tax applications and rates for each type of corporate taxpayer.
1. The document discusses taxation of corporations in the Philippines, defining terms like domestic corporation, foreign corporation, and sources of income.
2. It outlines tax rates for business income, passive income, and special rates for proprietary schools, mutual life insurers, and resident/non-resident foreign corporations.
3. Allowable deductions are discussed, including the option for domestic/resident foreign corporations to claim a standard deduction of up to 40% of gross income.
This document provides an overview of tax rates and implications for mutual funds in India for the 2014-15 fiscal year. It outlines the tax rates for different types of mutual funds on distributed income and capital gains at both the scheme and unitholder level. It also summarizes tax rates for individuals, companies, and non-residents on capital gains and dividends from equity and debt-oriented mutual fund schemes.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document discusses sources of income and classification of income for tax purposes. It defines income as coming from sources within the Philippines, without, or partly within and partly without. It provides examples of how different types of income like dividends, income from services, rent, royalties, and gains from property sales are treated. The document also discusses what constitutes gross income, how income is distinguished from capital, receipts, and revenue, and provides examples of different types of compensation that are considered taxable income.
The document defines a company and outlines different types of companies under Indian law such as domestic, foreign, and industrial companies. It also discusses the meaning of business or profession and outlines expenses that are allowable deductions and amounts that are expressly disallowed when computing profits from business or profession. The document further explains concepts related to set off and carry forward of business losses under the Income Tax Act.
Income Taxation - Answer key (6th Edition by Valencia)- Chapter 4Magnolia Raz
The document contains sample problems and their solutions from Chapter 4 on Gross Income from the textbook "Income Taxation 6th Edition". It discusses various types of income including compensation, business, property, and royalty income. It provides examples of calculating taxable gross income for different scenarios like salaries, allowances, business operations, rental properties, and natural resources. The problems cover identifying taxable vs non-taxable income and correctly computing gross income amounts reportable for income tax.
Overseas investors continue to look to the UK as
an attractive location to invest. But what are the
key tax implications? Take a look at our guide on structuring your real estate investment in the UK to find out.
This document discusses tax evasion from the perspective of a forensic expert. It begins by defining tax evasion and tax avoidance, noting that the latter involves legally minimizing taxes while the former involves illegal means. Next, it compares tax evasion and avoidance and examines reasons for the tax gap in the UK. It then looks at global tax evasion by profession and discusses long-term remedies like tax planning and management. The document outlines ways that tax evasion occurs and who is responsible in India. It also examines some attempts at tax evasion during India's demonetization and concludes by emphasizing the importance of tax planning to curb evasion.
The document discusses upcoming changes to the tax treatment of termination payments in the UK. Specifically:
1) From April 2018, payments in lieu of notice (PILONs) will be treated as earnings rather than termination payments, making them subject to income tax and national insurance contributions.
2) The £30,000 income tax exemption for termination payments will remain, as will the unlimited NICs exemption for certain termination-related payments like redundancy. However, PILONs and payments over £30,000 will be subject to employer NICs.
3) Changes to make employers liable for Class 1A NICs on termination payments over £30,000 were delayed by one year and will now take
Truro - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
Plymouth - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
Exeter - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
This document provides an overview of withholding tax requirements in Pakistan as outlined in the Income Tax Ordinance of 2001 and Sales Tax Act of 1990. It defines key terms and outlines the persons responsible for withholding tax and applicable rates for various transactions including imports, salary, dividends, profit on debt, payments to non-residents, and other payments. The document also specifies the timing of tax collection and deductions as well as the treatment of taxes withheld as adjustable or final.
The document provides an analysis of key changes in the Union Budget 2013 related to direct taxes, indirect taxes, and service tax. Regarding direct taxes, key changes include deferring GAAR implementation, revising withholding tax rates on royalties and FTS, and imposing surcharges on various incomes above certain thresholds. For indirect taxes, notable changes involve hiking and lowering customs duty rates on certain products. Under service tax, changes include modifying the negative and exemption lists as well as reducing abatement rates for certain services.
This document covers principles of business taxation. It discusses major tax principles like equity and efficiency. It describes different types of taxes - direct, indirect, and how tax rates can be progressive, proportional or regressive. It also outlines tax bases, sources of tax rules, calculations for trading income and losses, capital gains tax, VAT, employee taxation, and issues around corporate residence, double taxation, tax avoidance and evasion.
This document provides the suggested answers to problems in Chapter 11 on percentage taxes from the textbook "Business and Transfer Taxation 5th Edition" by Valencia & Roxas. It addresses 51 problems testing understanding of percentage tax concepts and calculations. The problems cover various percentage tax rates applied to different types of businesses, income, and transactions. The answers follow tax regulations and explain reasoning for right and wrong answers.
Landlords are facing changes to tax legislation that will reduce their rental income. Incorporating rental properties into a limited company allows landlords to avoid capital gains tax, stamp duty land tax, and inheritance tax. It also provides 100% tax relief on mortgage interest and corporation tax of only 17-20% on rental income compared to the individual tax rate of 20-45%. Setting up a specialist trust can further protect the shares of the company from inheritance tax.
This document discusses various concepts related to taxation including tax planning, tax avoidance, tax evasion, and tax management. It provides definitions and examples of each concept. Tax planning is legal and involves arranging finances to maximize tax benefits. Tax avoidance finds loopholes in laws but remains legal. Tax evasion is illegal and involves falsifying records or accounts. The document also discusses factors to consider for tax planning like residential status and provides examples of tax planning decisions around capital structure, leasing vs buying assets, and employee compensation.
This document discusses tax planning, avoidance, evasion and management. Tax planning is arranging one's affairs to minimize tax liability legally by taking deductions. Tax management refers to complying with tax laws by maintaining records and filing returns. Tax avoidance legally reduces taxes by claiming exemptions, while tax evasion illegally avoids taxes by omitting information or submitting false statements, and can result in penalties.
This document summarizes corporate income taxation in the Philippines. It defines domestic corporations, resident foreign corporations, and non-resident foreign corporations. It outlines the types of taxable income and various corporate income taxes. It provides the formulas for calculating normal income tax, minimum corporate income tax, and optional gross income tax. It also summarizes the different tax applications and rates for each type of corporate taxpayer.
1. The document discusses taxation of corporations in the Philippines, defining terms like domestic corporation, foreign corporation, and sources of income.
2. It outlines tax rates for business income, passive income, and special rates for proprietary schools, mutual life insurers, and resident/non-resident foreign corporations.
3. Allowable deductions are discussed, including the option for domestic/resident foreign corporations to claim a standard deduction of up to 40% of gross income.
This document provides an overview of tax rates and implications for mutual funds in India for the 2014-15 fiscal year. It outlines the tax rates for different types of mutual funds on distributed income and capital gains at both the scheme and unitholder level. It also summarizes tax rates for individuals, companies, and non-residents on capital gains and dividends from equity and debt-oriented mutual fund schemes.
Tax planning involves legally arranging one's financial affairs to minimize tax liability and takes advantage of deductions and exemptions allowed by law. It is different from tax avoidance and tax evasion which are not legitimate ways to reduce taxes. Tax planning works within the legal framework while tax avoidance uses loopholes and may be illegitimate. Tax evasion involves illegally underreporting income or overreporting expenses. The objectives of tax planning are to reduce liability, minimize litigation and support economic growth. It is important for taxpayers to understand tax laws and plan accordingly to maximize benefits.
This document discusses sources of income and classification of income for tax purposes. It defines income as coming from sources within the Philippines, without, or partly within and partly without. It provides examples of how different types of income like dividends, income from services, rent, royalties, and gains from property sales are treated. The document also discusses what constitutes gross income, how income is distinguished from capital, receipts, and revenue, and provides examples of different types of compensation that are considered taxable income.
The document defines a company and outlines different types of companies under Indian law such as domestic, foreign, and industrial companies. It also discusses the meaning of business or profession and outlines expenses that are allowable deductions and amounts that are expressly disallowed when computing profits from business or profession. The document further explains concepts related to set off and carry forward of business losses under the Income Tax Act.
Income Taxation - Answer key (6th Edition by Valencia)- Chapter 4Magnolia Raz
The document contains sample problems and their solutions from Chapter 4 on Gross Income from the textbook "Income Taxation 6th Edition". It discusses various types of income including compensation, business, property, and royalty income. It provides examples of calculating taxable gross income for different scenarios like salaries, allowances, business operations, rental properties, and natural resources. The problems cover identifying taxable vs non-taxable income and correctly computing gross income amounts reportable for income tax.
Overseas investors continue to look to the UK as
an attractive location to invest. But what are the
key tax implications? Take a look at our guide on structuring your real estate investment in the UK to find out.
This document discusses tax evasion from the perspective of a forensic expert. It begins by defining tax evasion and tax avoidance, noting that the latter involves legally minimizing taxes while the former involves illegal means. Next, it compares tax evasion and avoidance and examines reasons for the tax gap in the UK. It then looks at global tax evasion by profession and discusses long-term remedies like tax planning and management. The document outlines ways that tax evasion occurs and who is responsible in India. It also examines some attempts at tax evasion during India's demonetization and concludes by emphasizing the importance of tax planning to curb evasion.
The document discusses upcoming changes to the tax treatment of termination payments in the UK. Specifically:
1) From April 2018, payments in lieu of notice (PILONs) will be treated as earnings rather than termination payments, making them subject to income tax and national insurance contributions.
2) The £30,000 income tax exemption for termination payments will remain, as will the unlimited NICs exemption for certain termination-related payments like redundancy. However, PILONs and payments over £30,000 will be subject to employer NICs.
3) Changes to make employers liable for Class 1A NICs on termination payments over £30,000 were delayed by one year and will now take
Truro - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
Plymouth - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
Exeter - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
Impact of Modi Budget 2014 on Specific Sectors...
Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
Taunton - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
Bournemouth - Essential 6-monthly Finance Directors' Update - June 2019PKF Francis Clark
Our six monthly finance seminars provide a high level overview of issues affecting Finance Directors and business owners across key areas such as tax, VAT, financial reporting, corporate finance and financial planning. In this round we will also take a look at two additional areas of risk; director failing and cyber security, both of which good governance can mitigate against. This session has been designed to go back to basics, providing hints and tips and key updates to help you to navigate the many complex issues facing directors.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
Off Payroll Working In Private Sector | Makesworth Accountants in HarrowMakesworth Accountants
New tax rules for individuals working via their own companies for medium or large business. From 6 April 2020, new tax rules are proposed for individuals who provide their personal services via an ‘intermediary’ to medium or large business. An intermediary may be another individual, a partnership, an unincorporated association or a company. The most common structure is a worker providing their services via their own company (PSC) which is the term used in this letter to summarise the rules which will apply to all intermediaries. Similar rules were introduced in 2017 for public sector organisations receiving services from PSCs. The 2020 rules will use the 2017 rules as a starting point which means, in practical terms, that the principles have already been decided but some aspects of the detailed operation of the rules will be decided in a consultation process. Draft legislation has been published which will, subject to consultation, be included in the next Finance Bill.
The document summarizes key proposed changes in the Income Tax Act 2023 in Bangladesh. Some of the major changes include:
- Reducing the number of tax return statements from 29 to 12 to simplify the return filing process.
- Providing a comprehensive list of deductible business expenses with new structures for general and specific deductions.
- Widening the caps on expense limits and including new areas for tax deductions to make the tax system more investment and business friendly.
- Introducing provisions to better align the tax laws with international financial reporting standards (IFRS) and address differences between IFRS and tax laws.
The document discusses various tax issues related to self-employment, property rentals, and business incorporation. It addresses questions about using the Approved Mileage Allowance Payment (AMAP) for self-employment and vans. It also covers deducting interest payments and refinancing for buy-to-lets, capital allowances, and using principal private residence rules to reduce capital gains tax on rental properties.
The document discusses various aspects of tax planning and financial management decisions from a tax perspective. It defines tax planning as actions taken by a taxpayer to meet tax obligations in an orderly manner while availing all permissible exemptions. Tax planning is necessary to minimize tax costs in the same way businesses try to reduce other costs. Tax planning considerations include direct and indirect taxes and the key objectives are availing tax concessions while arranging affairs to minimize tax incidence. The document also discusses tax management, capital structure, investment decisions including making or buying parts, and considerations for setting up new industrial units.
Back to basics Distributions from trustsPriya Dutta
Distributions from trusts may be subject to income tax or capital gains tax, depending on whether the trust is UK resident or offshore. For UK resident trusts, the tax treatment depends on the type of trust and whether it is settlor interested. Offshore trust distributions are taxed based on the source of income and whether the settlor or beneficiaries have an interest in the trust. Practitioners should understand the basic tax rules for trust distributions in order to advise clients correctly.
What is Seed EIS?
Seed Enterprise Investment Scheme (SEIS) is the most
generous, tax-advantaged venture capital scheme ever
introduced that offers investors enhanced income tax
and Capital Gains Tax (CGT) reliefs.
Higher rate tax payers and profitable business owners now have a low hurdle threshold to recover up to £50,000 income tax annually.
The 2014 Budget has made this a permanent feature of UK tax savings schemes and this Guide highlights the main conditions that need to be satisfied, but the conditions are complex and you should take professional advice before making an investment.
The document discusses the differences between capital and revenue expenditures for property letting businesses. Revenue expenditures are day-to-day expenses like repairs and maintenance that can be claimed as allowable deductions to reduce taxable profits. Capital expenditures are purchases or improvements that cannot be deducted but may qualify for capital allowances to reduce tax liability over time. Examples of capital expenditures include property extensions, renovations, and furniture purchases. The document provides guidance on determining whether various costs should be treated as capital or revenue to maximize tax benefits.
Residential property can be a lucrative business, but profits or gains will be subject to tax. In this post we discuss some of the property tax planning options, including using limited companies or LLPs, trading vs investment property, capital gains tax and entrepreneurs relief.
The document summarizes important direct tax proposals in India. Some key points include:
- No changes proposed to individual tax slabs, thresholds, or surcharges but a new 4% health and education cess is introduced.
- Standard deduction of Rs. 40,000 for salaried individuals and increased deductions for senior citizens for health insurance and medical treatments.
- Changes to capital gains tax provisions including the removal of long-term capital gains tax exemption and a new provision to calculate tax on long-term capital gains from listed shares.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
This document summarizes several topics from a newsletter:
1) It introduces Investors' Relief, which provides a 10% capital gains tax rate for investments in unlisted trading companies held for at least 3 years, similar to Entrepreneurs' Relief. Investors' Relief may benefit non-working investors and companies seeking capital as an alternative to EIS/SEIS.
2) It outlines the key eligibility criteria for Investors' Relief, including requirements for the shares, holding period, and that the shares must be newly issued.
3) It notes that while Investors' Relief and Entrepreneurs' Relief are similar, Investors' Relief is designed for non-working investors rather than shareholders
The budget contained relatively few significant changes not previously announced. It increased personal tax allowances slightly and raised the threshold for higher rate tax. It will review deeds of variation for inheritance tax planning and confirmed increased charges for non-domiciled taxpayers opting for the remittance basis of taxation. The lifetime pension allowance will be reduced to £1 million from 2016. Entrepreneur's relief will no longer apply to companies acting as partners unless they have their own significant trade.
Similar to Topical Tax Issues For Reducing Your Irish Income Tax Liability (20)
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
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Topical Tax Issues For Reducing Your Irish Income Tax Liability
1.
2. 02
Topical Tax Issues that could change
the way you approach your clients tax
returns
3. 03
Background
Revenue eBrief No.21/15
Rent-A-Room Relief does not apply
“Income from the provision of accommodation to occasional visitors for short periods, including, for example, where the
accommodation is provided through online accommodationbooking sites,doesnot qualifyfor relief as thevisitorsuse the
accommodation as guest accommodation rather than for residential purposes. Income from guest accommodation such
as a bed and breakfast or a guesthouse operation is generally treated as trading income (Case I) and not rental income
(Case V). This type of income, even where it is under the relevant limit, does not qualify for rent-a room relief.”
Implications
Rent a Room relief does not apply to Airbnb
Case I income means…
Direct Expenses Indirect Expenses
• Airbnb booking fee
• Cleaning
• Insurance
• Internet
• Meals provided
• Laundry
• Light & Heat
• Mortgage Interest
• Mobile
• Wear & Tear on household furniture
5. 05
Proposal
Background
Migrate your Case V Rental Income to Case I Trading Income
Airbnb lettings can generate 50% more income than
traditional long term lettings
Landlord receiving Case V Rental Income of €100k
Landlord sets up a company
Company rents the property off Landlord for €70k
(one tenant i.e. reduced rent)
Company generates €150k in turnover
Pays 12.5% Corporation tax on €80k
No Close Co. Surcharge
Profits roll up in the company for 10 years
Retirement relief after 10 years €750,000
VAT 9%
6. 06
Consider A SSAS
Proposal
Purchases property via SSAS
Managed as an Airbnb property
i.e. increased “rental”/B&B income
Profits roll up the SSAS tax free
Purchase annuity or ARF
Arms length rules apply i.e. use an service company
to manage the property
Background
Small Self Administered Scheme (SSAS)
Growing in popularity (ads on the radio)
Members can take more control over their pensions
Flexibility and ability to control costs
7. 07
Tax relief on pension contributions and the application
of the Earnings Limit
Pension contributions are subject to two main controls
1. Earnings limit of €115,000 [S.790A TCA97] Tax Briefing 74
2. Age related percentage limit
Age Limits
Up to 30 years 15% of remuneration/net relevant earnings
30 – 39 20%
40 – 49 25%
50 – 54 30%
50 – 54 35%
60 and over 40%
8. 08
Schedule E: PAYE 100,000
Case I: Self-employed 100,000
Total Income 200,000
Age related percentage limit Age
29 yo ( 115,000 @15%)
17,250
OPS Contributions made
e.g. 10% of €10,000
(10,000)
Balance age related percentage limit 7,250
NB** only €5,000 of an AVC can be made to OPS
(100,000 @ 15% =15,000) (15,000 – 10,000)
5,000
Scope to make an AVC to RAC/PRSA 2,250
Occupational pension scheme only
Contributions to One Pension Product
9. 09
Schedule E: PAYE 180,000
Case I: Self-employed 100,000
Total Income 280,000
Age related percentage limit Age
51 yo ( 115,000 @30 %)
34,500
Schedule E: 180 ,000 @30%
Case I : No relief due
Capped@ 34,500
OPS Contributions made
e.g. 10% of €180,000 PAYE
18,000
PRSA contributions made
This should have been made to the OPS
16,500 (Not allowable)
Total Contributions (only €18k receives tax relief) 34,500
Contributions to Two Pension Products
1. Occupation pension scheme and/or;
2. RAC/PRSA
10. 10
How to enter Pension Contributions on Form 11
1- PAYE/BIK/Pensions
12. 13
How to enter Pension Contributions on Form 11
3- Don’t plug the balance here
13. 14
WEEK 53
Implications
Background
Occurs when there 53 weeks in the year
HR/Payroll department give and extra week of tax credits etc
Affects Civil service clients e.g. Gardai
Results in an underpayment when F11 is filed
Revenue concessions to give the additional week tax credit, no statutory basis
Cannot be dealt with via Form 11
14. 15
Background
The Tax Appeal Commission
Commenced 21st March 2016
www.taxappeals.ie very basic website
Appeals only in writing. Online facility in the summer months
Hopefully online facility not the same as MyEnquiries
15. 16
The Tax Appeal Commission
Implications
No materiality threshold
Tax Appeals Commission have no jurisdiction to hear or determine appeals in relation to the
imposition of late filing surcharges e.g. Error on ROS or force majeure;
Death of the “Without Prejudice” letter? e.g. underpayment of preliminary tax;
Will week 53 be dealt with by local office or tax appeal commission if there is no statutory
basis?
16. 17
Treatment of Receipts by Children from their Parents for their
Support, Maintenance or Education for CAT purposes.
Implications
Background
a. Children in receipt of monies or monies worth for support, maintenance and education was exempt
from CAT
b. Previously no age limit in relation to such benefits
c. Revenue were concerned that this was being abused in certain cases
d. E Brief 109/2014 issued
e. Cue Social media outrage
a. Support, maintenance and education is now restricted to the period during which the child is a minor or
b. In fulltime education and
c. Under 25 years of age
17. 18
So what benefits/gifts/payments are still exempt?
01 The non-exclusive occupation of the family home by a child who is a family member.
02 Free use of a house by a child attending university who is not more than twenty five years old providing the
support and maintenance falls within the “normal and reasonable” provision.
03The cost of family functions paid by a parent. For example, a wedding paid by a parent.
04Payments to cover the child’s normal costs associated with attending college including rent, food, clothing,
educational material, tuition fees, transport costs, pocket money, etc. to a child under the age of twenty five
years.
18. 19
4 Changes to FA14 that could directly
impact your clients tax returns
(Form11 2015 = Finance Act 2014)
19. 20
Summary
Background
1- Start up Refunds for Entrepreneurs
Replaces the old Seed Capital Scheme which was perceived to
benefit self employed
“Mainly” PAYE Income in Previous 4 years
Element of the Tale wagging the dog
A lot of qualifying criteria e.g. Investor, company, clawback etc
Reduces the taxable income in one of the previous six years by
making a qualifying investment
Previous 6 years prior to
investment
Income can be from any source in preceding
year
Hold 3 years
“Mainly” PAYE Income in Previous 4
years
The relief does not apply to USC or PRSI Maintain 15% for 12 months
20. 21
Example 1: Qualifying Investment
2009 2010 2011 2012 2013 2014 2015
Income 80,000 80,000 100,000 75,000 60,000 30,000 30,000
Tax Paid 21,496 21,496 29,532 20,562 14,412 2,700 2,700
2015 Investment €100,000
2011 Income €100,000
2011 taxable income NIL
Refund €29,532
Start up Refunds for Entrepreneurs
21. 22
Example 2: Non Qualifying Investment
Year 2009 2010 2011 2012 2013 2014 2015
PAYE 25,000 27,000 18,000 35,000 20,000 15,000 23,000
Rental Income 15,000 18,000 20,000 19,000 23,000 27,000 27,000
Total Income 40,000 45,000 38,000 54,000 43,000 42,000 50,000
Tax Paid 6,212 7,852 5,392 11,952 7,442 7,032 14,100
Mainly PAYE Income in the 4 previous years
2013 Rental income exceeds PAYE Income
Investment does not qualify
Start up Refunds for Entrepreneurs
Potential Pitfalls For Practitioners
Stamp duty applies at 1% to the consideration paid for a transfer/conveyance of shares SDCA 1999 Sch 1
CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.
Does not apply to scenarios where a sole trade has been transferred to a company
The relief does not apply to USC or PRSI
Watch out for the valuation placed on shares
22. 23
2. Company Residence – Corporation Tax
Non-resident directors
IT contractors. Tendency to be mobile and non domiciled
Who is Effected
Background
From 1 January 2015, a company that is incorporated in Ireland, is to be regarded as tax resident in
Ireland unless the application of a DTA determines otherwise
Implications
Irish incorporated
Director of Irish company = Irish office
Irish office = Irish source income
Irish source income = Irish tax irrespective of where the employment duties are performed
23. 24
3.Works of Arts “Wasting Assets”
Section 603 TCA 1997 provides that an asset that is tangible movable property and a wasting asset is
exempt from CGT - except where it is used in a trade or profession and eligible for capital allowances.
Section 560 TCA is being amended to ensure that works of art (which generally increase in value with age)
do not qualify for exemption from CGT on disposal as “wasting assets” which could occur in certain
circumstances where such works are regarded as items of plant
Works of Art can no longer be “sold” into a company and qualify for CGT exemption
Background
Implications
24. 25
What about transferring property into a company?
Large salary being drawn down to service mortgages on rental properties
Transfer the property into the trading company
GCT and arm’s length rules apply
Creates a liability owed to the director
Draw down the loan tax free rather than salary
Property remains within the control of the director
Close company surcharge on rental income in the company applies
Potentially avoid surcharge by setting up a UK hold Co
Beware of S806 Transferring Assets Abroad
Does EU Treaty Article 56 take precedence?
3.Works of Arts “Wasting Assets”
25. 26
Background
4. Artist exemption
Section 195 TCA 1997 provides for an exemption for certain earnings of writers, composers and artists
Prior to FA 2014, the exemption only applied to
- Individuals resident in the State and not resident elsewhere, or
- Individuals ordinarily resident and domiciled in the State and not resident elsewhere.
The restriction of the exemption in this regard may have contravened EU law as being a state aid, as it did not
extend to residents of other EEA countries.
Cap on the exemption of €40,000 for any year of assessment.
26. 27
New Provisions
Section 5 FA 2014 amends section 195 TCA 1997 as follows:
The requirement that an individual is resident in the State and not resident elsewhere or ordinarily resident
and domiciled in the State and not resident elsewhere is relaxed. The amendment confirms that the exemption
will now be available to individuals:
• Resident in any one or more EU Member States or another EEA State, or
• Ordinarily resident or domiciled in any one or more EU Member States or another EEA State.
However, the requirement that an individual is not resident elsewhere (i.e. outside the EU/EEA) must
additionally be addressed in each case.
Definitions for the purposes of defining an EEA State are also inserted in section 195 TCA 1997.
4. Artist exemption
Exemption Limit
Exemption has increased to €50,000
27. 28
5 Tools that could make your ROS filing
deadline less stressful