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.
Internet selling…. BEWARE
Selling on the internet, may not be as straight forward as you might think…..The Irish revenue are reviewing what the Revenue and Customs have done in the United Kingdom recently.
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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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Top Ten Tips when dealing with Revenue.
Article by Patrick Sutton, Partner, O’KellySutton, The Sunday Business Post, 2nd Sept, 2012.
Taxpayer’s compliance record:
A compliant taxpayer is significantly less likely to be selected for Revenue audit. Revenue can also assist in obtaining a phased payment plan in the future, should you ever find yourself unable to pay your tax liabilities on time.
Accurate returns:
As we all know, it is a legal requirement that tax returns are accurate. The penalties for false returns are severe and can include prison sentences in some cases. If you fine a return already submitted is not correct, we advise that a corrected return or supplementary return be submitted. Continually correcting returns can attract the Revenue’s attention.
Timely returns:
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Work with the Tax-man to help with your late tax payments.
An Article that appeared in the Irish Independent, June 2012, advises Individuals and Small Business Owner to work with Revenue. The owners of small businesses and personal taxpayers, striving to survive, should approach the Revenue Commissioners when the cash flow is not there to pay their taxes as they fall due. However, this is the reality that is facing many small and medium enterprises on a daily basis.On top of concerns about maintaining sales and getting paid by customers, an additional worry they most certainly do not want is owing money to Revenue and not being able to pay it.
The Revenue has put in place a structure called a Phased Payment Arrangement (‘PPA’) to support and facilitate
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O'Kelly Sutton
