Services Contractors Project – Nationwide.

Recently, Revenue ran a project (Services Contractors Project) which involves the reviewing expenses claimed (travel, subsistence and similar expenses) by companies set up by individuals as a vehicle to provide contracting services are being targeted in the South West of the Country. They are now extending this project nationwide.

It is reported that Revenue are treating the amounts of tax involved and the pattern of “persistent behaviour over time”, Revenue is treating cases that fall within this project as deliberate default cases. Therefore, contractors who make an unprompted disclosure will be subject to penalties of 10% plus interest, whereas the penalty for prompted disclosures will be 50%.

Patrick O Rourke, O’Kelly Sutton, Chartered Accountants, Tax Consultants & Business Advisors.

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Revenue Enquiry into Deposit accounts

Revenue has started a national enquiry into deposit accounts where interest paid in 2011 exceeds €635. Focus is on money undeclared for tax.

Patrick O Rourke,Partner OKellySutton, Chartered Accountants, Tax Consultants & Business Advisors.

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Budget 2013 – Ten point plan could spur on small businesses

In his Budget, Minister Noonan announced a ten point tax reform plan to help small businesses. Of particular interest in the ten point plan are the following elements:

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Capital Gains Tax (CGT) – Payment of Tax

Just a quick reminder that the due date for payment of Capital Gains Tax on disposals made in the period 1 January to 30 November 2012 is on or before 15 December 2012. Payment of the tax due should be sent to the Collector General’s office and be accompanied by a CGT Payslip A. Disposals made in the month of December (1 December to 31 December), the tax due on the capital gain should be paid on or before 31 January 2013 and payment should be accompanied by a CGT Payslip B.

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Thinking of starting a business?

Top tax tips for starting in a business

The decision to set up a business is an exiting and a somewhat daunting one! Tax will always be a key element of any business and it is essential to get your tax affairs in order from the get-go and to make sure your tax system ties in with your business idea. Ensuring you are
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