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Tax Compliance Services

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VAT

Value-Added Tax is one of the best known of all taxes partly because most EU cit­i­zens pay it almost on a daily basis, some­times being made aware of their pay­ments on invoices and receipts and some­times, such as in bars and restau­rants in the Repub­lic of Ire­land, not being reminded of it at all. Reg­is­tra­tion for VAT is oblig­a­tory for per­sons sup­ply­ing ser­vices to the value of €37,500 or more per annum or €75,000 per annum in the case of goods.

PRSI Rates and Levies

Pay Related Social Insur­ance is widely viewed as a tax but it is also the method of social insur­ance which gives rise to enti­tle­ment to con­trib­u­tory pen­sions and other ben­e­fits. Where Income Tax is paid under the Pay As You Earn sys­tem oper­ated by employ­ers, the employee share of the Pay Related Social Insur­ance is deducted together with the employee Uni­ver­sal Social Charge and these, together with the Employer Con­tri­bu­tions, are paid over to the Rev­enue Com­mis­sion­ers as part of the pay­roll sys­tem. We oper­ate pay­roll sys­tems for some of our clients which large com­pa­nies nor­mally oper­ate themselves.

Per­sonal Taxes

The best known of the per­sonal taxes is Income Tax which oper­ates on the basis of the cal­en­dar year as the year of assess­ment. Indi­vid­u­als must file a Return of Income for each tax year not later than Octo­ber 31st in the year fol­low­ing the tax year. There are con­ces­sions for those who file online. If a Return for any year of assess­ment is not sub­mit­ted or sub­mit­ted late, the tax lia­bil­ity for that year is sub­jected to a Sur­charge.

Cor­po­rate Taxes

All com­pa­nies res­i­dent in the Repub­lic of Ire­land and all non-resident com­pa­nies car­ry­ing on busi­ness in the Repub­lic of Ire­land through a branch or through an agency tend to be auto­mat­i­cally liable to Cor­po­ra­tion Tax. The best known of the Cor­po­ra­tion Tax Rates is 12.5% applic­a­ble to busi­ness prof­its but there are also the 10% rate applic­a­ble to man­u­fac­tur­ing com­pa­nies and cer­tain IFSC and Shan­non Air­port zone com­pa­nies and the 25% rate payable on non-business income such as inter­est and div­i­dends.

Cap­i­tal Taxes

The best known Cap­i­tal Taxes are Cap­i­tal Acqui­si­tions Tax and Cap­i­tal Gains Tax. Cap­i­tal Acqui­si­tions Tax applies to gifts and inher­i­tances above cer­tain class thresh­olds. The high­est thresh­old applies where the ben­e­fi­ciary of the gift or inher­i­tance is a child of the disponer. There is a smaller thresh­old for a lin­eal ances­tor or descen­dant, and the small­est thresh­old applies where the ben­e­fi­ciary is not enti­tled to either of these two. Cap­i­tal Gains Tax is payable on gains which arise on the dis­posal of assets, and it needs care­ful atten­tion because a dis­posal may occur even if no cap­i­tal sum is derived from the dis­posal, typ­i­cally a dis­posal by means of a gift or on exchange.

As a founding member of the Irish Tax Institute and a practicing tax professional for thirty-five years, I'm confident - whatever the tax scenario - that I will be able to provide insight and relevant advice... Padraic Cahill, tax partner.