Taxation

Tax Consultant & Tax Advice in Galway

Do you need tax advice on Taxation related matters including:

- Income Tax Returns
- Corporation Tax Returns
- Value Added Tax Returns
- Capital Acquisitions Tax Returns

We can provide you with an Income Tax or Corporation Tax “health check” to confirm you are tax compliant and maximising on all tax reliefs and opportunities available. Tax Planning is crucial in retirement and estate planning as well as in the transfer of a business or farm. With proper consideration significant tax savings can be made.

Income Tax

Self Employed Individuals
In Ireland self employed individuals are required to file a return or their income with the Revenue Commissioners (www.revenue.ie). This is called an income tax return and is due to be filed either by paper return by 31 October each year or online through the Revenue Online System (ROS) with an extension of 2 weeks approximately. The Income Tax Return should include all sources of income earned by the individual if single or under separate assessment. If the individual is married and is jointly assessed the income tax return should include both spouses income for the calendar year 1 January – 31 December.

PAYE Employee
PAYE stands for Pay As You Earn. The PAYE system is a method of tax deduction under which a person’s employer calculates the tax due and deducts it each time a payment of wages, salary, etc. is made to an employee, and a method of collecting PRSI (Pay-Related Social Insurance).

Company Directors
Proprietary Company Directors (a director who owns 15% or more of the share capital of a company) are obliged to submit an Irish Income Tax Return each year, notwithstanding the fact that all of his/her income may have been taxed at source under the PAYE system.

There are some exceptions, for example unpaid directors and non-proprietary directors are usually excluded from the obligation to submit an Income Tax Return.

The PAYE Tax Credit granted to employees is not available in respect of any salary paid by the company to a proprietary director (or, subject to certain exceptions, to salaries paid to any member of his family).

Tax Credits

You may be entitled to claim various credits and reliefs to reduce the amount of tax you pay – see a list below. For example you may be entitled to credits if you pay bin charges, trade union subscriptions or rent in respect of private accommodation. However, some of these tax credits have been abolished or are in the process of being removed. So it is advisable to check whether you can qualify for any of the tax credits listed below.

Corporation Tax

Corporation Tax is charged on all profits (income and gains), wherever arising, of companies resident in Ireland and non-resident companies who trade in Ireland through a branch or agency.

How is a Company Taxed?

Companies pay Corporation Tax. This tax is charged on the company’s profits which include both income and chargeable gains. A company’s income for tax purposes is calculated in accordance with Income Tax rules. Chargeable gains are calculated in accordance with Capital Gains Tax rules.

What is the rate of Corporation Tax?

There are two rates of Corporation Tax:

  • 12.5% for trading income unless the income is from an excepted trade* in which case the rate is 25%
  • 25% for non-trading income (e.g. investment income, rental income)

* Excepted trades include certain land dealing activities, income from working minerals and petroleum activities

Call us today on 087-1202405 or 091-871613 for further information on how to maximise your tax savings.

Our Key Service Areas Include:

Personal Taxation

  • Income Tax Returns & Planning
  • Capital Gains Tax Returns
  • Capital Acquisition Tax Returns & Planning
  • Estate & Wealth Planning
  • Revenue Audits

Corporate Taxation

  • Corporation Tax Returns
  • Value Added Tax Returns
  • Relevant Contracts Tax
  • Cash Extraction
  • Revenue Audits and Investigations

Other Taxation Services

  • Property investment in Ireland
  • Advice on tax shelters
  • Negotiating with Revenue Commissioners

Current Tax Credits Available for Individuals

  • Age Credit
  • Blind Credit
  • Dependent Relative Credit
  • Guide Dog Allowance
  • Home Carer Credit
  • Incapacitated Child
  • Incapacitated Individual Carer
  • Longterm Unemployed/Job Assist
  • One Parent Family Credit
  • PAYE credit
  • Personal Tax Credits
  • Rent Credit
  • Seafarer’s Credit
  • Service Charges
  • Taxation of Married Couples and Civil Partners
  • Widow/Widower’s Credit

If you think you may qualify for any of these tax credits and have a query in relation to it contact us for further information or alternatively check out revenue.ie